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Question 96
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Gourmet and Company has the following information:! R* A2 W+ x& V( A( y( x; b; A& F
Current market value = $250 million4 P. t. E" v6 g4 O, S# L: \
Current book value = $225 million
" w+ o6 I$ M6 G% \Sales = $750 million
7 q& A/ `; W- B0 _Earnings = $75 million
! P0 i$ n; Q- u' KCash flow = $125 million: p! G; j+ q$ l9 @8 V# l5 V$ D7 |
Stock price = $7.502 Z9 o. q: c2 r
Which of the following statements regarding Gourmet and Company is most accurate?
( ]. @" G% f+ ?" ]/ |" iA) The price/book ratio is 0.90.
! }* k$ Z+ d. V! V7 V! p( HB) The price/cash flow ratio is 0.50.% K: a$ e- i; ~ c# l
C) The price/sales ratio is 0.33.6 ^' b: h2 y ?" E( l+ k6 ~% @! O( k
D) The price to earnings (P/E) ratio is 33.3. \2 }; _% X! k: v* n" _' s
" C8 W% c( b8 @" Z( b$ N答案和详解如下：$ j& t, e! b" J# x' L+ H
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2 K( ]) J, m" P; a2 B1 M" V9 BQuestion 97
* v- f# `8 ]8 @. zAn inverse floater is least accurately described as a floating-rate issue:
: N O+ `* M$ j: i( Y! Y% p1 SA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.( W* y0 ~ [# u: A W1 G8 B
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
& p0 N; H/ w) E/ r* y+ O3 cC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
5 Z7 o6 _* t# v7 p: o0 B# O/ MD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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, }. x* b" w5 W7 i答案和详解如下：; g$ |7 _* i7 Q& e" K
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Question 980 R+ E B, W, l$ w' D
: y) t/ d7 ]! c/ X5 qWhich of the following statements about embedded call options is most accurate?( S3 u1 c8 t3 b( H# ~7 x
A) The call price acts as a floor on the value of a callable bond.
% F9 u" Y1 |/ g! ?) @" [8 UB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
& J: P* o5 |2 B% ]C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
! M( J# T" M* I: J* I, [D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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答案和详解如下：5 A" h9 u) ]" j5 _: Q
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
2 G# ^$ a- b4 f" J$ f2 XA) 6.5%.3 j8 A4 A/ N- V0 j# S$ @ x2 u7 A
B) 7.4%.! @$ _( ^" f8 [$ b
C) 8.6%.9 B: d$ f/ b. k. L* \) W& ]! O% Z }
D) 8.0%.
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4 V; z$ m- h& c答案和详解如下：
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Question 1009 |" v/ a8 D; ?. y9 a- y; x- `8 T
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All other things being equal, which of the following bonds has the greatest duration?( i# O' j4 w2 q: W5 l
A) 5-year, 8% coupon bond.8 _0 r+ K0 K* G
B) 15-year, 12% coupon bond.* T. B0 G% l6 ^; M
C) 5-year, 12% coupon bond.+ d6 x! V0 k! D2 g
D) 15-year, 8% coupon bond.! E$ [+ _+ r8 L" m, w5 r3 x: X4 H& j
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答案和详解如下：/ U& p9 o# x$ c* [2 I) L
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发表于 2015-7-21 08:59:22
