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Question 96
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Gourmet and Company has the following information:. v+ _9 a0 P& R. p1 C
Current market value = $250 million3 c1 g* h3 [# D5 ]5 ^& }* D
Current book value = $225 million5 E2 w9 r8 X; T+ U h' e: I$ ~
Sales = $750 million( e4 w7 y* [# A7 S
Earnings = $75 million
' x! I$ |2 f8 p8 q$ K5 e2 M" a/ H- bCash flow = $125 million: K; v5 X7 `2 _1 k: h8 V
Stock price = $7.50
6 ?, b/ D( f8 @- f) C. E% t; m SWhich of the following statements regarding Gourmet and Company is most accurate?7 q0 M6 ^# w: M4 Y
A) The price/book ratio is 0.90.% v! \+ \5 p7 L ]! Q" e
B) The price/cash flow ratio is 0.50.
" I3 `, z8 \! C' ~C) The price/sales ratio is 0.33.7 U/ u9 C6 E/ L" T
D) The price to earnings (P/E) ratio is 33.3.& c. G5 D5 J) a% p
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答案和详解如下：- B" p( I' w& Y$ a
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- w9 `4 n: ?% N" e# YQuestion 97
) Y j- e: T' q: k3 G6 Z9 NAn inverse floater is least accurately described as a floating-rate issue:
$ [8 i% H7 r. N, N8 EA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.1 h# j9 O* v n9 U' u9 F
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
1 b; v- b' m& IC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
$ h1 F' Z* w! \3 o$ Z4 `2 f0 lD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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$ g+ u$ ?7 I$ X1 M答案和详解如下：5 j! J5 F) d& ]7 G9 ~7 L& r
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Question 98/ P0 z6 z# S5 a- w
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Which of the following statements about embedded call options is most accurate?* |2 j0 a$ `3 ]% u* p
A) The call price acts as a floor on the value of a callable bond.
7 X& J+ w0 \! M) J6 h* l' U% CB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option. q6 _7 f8 K4 L* J* W* Q2 P
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.5 R) _0 w9 ?6 o# q. ]6 J
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.2 C& S' X2 X ^) |" ^% o
8 R' N2 [6 t7 T答案和详解如下：
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
! @' e; j0 [+ L3 }/ ~4 lA) 6.5%.
( ?- K4 F/ R* H4 m& _ [6 o! rB) 7.4%.
2 e9 F7 k! u: E: p: ?C) 8.6%.* M" h4 R( W# N: D2 l' k
D) 8.0%.) |9 K" s# \8 S# _) u5 w
! P' q; a: c' b8 Q4 \答案和详解如下：: w' e3 S4 ^3 W# `0 f* n- Z" \
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Question 100
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All other things being equal, which of the following bonds has the greatest duration?
# L$ K2 \+ a. ^! L; |A) 5-year, 8% coupon bond.0 R- A6 t/ M0 `) r; d, F! W! v& c$ d6 ^
B) 15-year, 12% coupon bond.
! W7 P& t; k9 Y ?C) 5-year, 12% coupon bond.
' p8 ^7 C1 M$ i3 b8 O8 cD) 15-year, 8% coupon bond.7 X! D+ s( B6 y" Y: P
) O, o" R8 G: r. ]% P答案和详解如下：
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发表于 2015-7-21 08:59:22
