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Question 96: P: F, e; {+ Q0 B4 D
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Gourmet and Company has the following information:& m; M) I+ R$ p- d
Current market value = $250 million9 U1 f$ E6 `0 L! N
Current book value = $225 million
1 ?' S# L+ b. N% o8 n+ aSales = $750 million+ x$ t" ^' {" J8 o h6 h
Earnings = $75 million# Y7 l2 ~ u9 Q- ]3 A) V: R
Cash flow = $125 million
( L. z: ?( y1 b) Z! jStock price = $7.50
. x5 i Y6 t8 G6 S' D2 LWhich of the following statements regarding Gourmet and Company is most accurate?
' X9 r6 W2 x. v- S; ]( F' qA) The price/book ratio is 0.90.) [! v% q* g6 c9 o, C) E* B4 `+ C, O
B) The price/cash flow ratio is 0.50.
& ~ @0 l+ s' r/ e1 r @! A; g) wC) The price/sales ratio is 0.33.$ R) z. a! E9 f1 `6 H7 {
D) The price to earnings (P/E) ratio is 33.3.2 Z8 r" i- j- a: O. t' c& C' M: ?
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答案和详解如下：
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[0 d5 z( F2 v2 h& |: NQuestion 97
# i5 a. b( Z5 IAn inverse floater is least accurately described as a floating-rate issue:9 ^0 L0 A! G6 M; T5 `
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.% `) j4 Z- \; G8 l
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
9 F" I) m5 d- ?1 Z# y9 L hC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
$ o5 J9 [+ ]0 r' GD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.2 e+ b% W. Z$ p6 l% c
" {/ |: ~& E( G5 ^3 b x5 g答案和详解如下：5 p+ ]" V1 Z& e1 I
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% h1 s9 v7 c3 M: x4 [Question 98
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, r. E3 [ J. O/ L' H# RWhich of the following statements about embedded call options is most accurate?
( S- i) Z5 {7 s* I. A/ QA) The call price acts as a floor on the value of a callable bond.* R6 h* A2 w S: t c
B) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.# W K% n* e2 _6 ^
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.% d# L' m; ^; f* V
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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% b; p( I9 Q, s" M- v( n答案和详解如下：6 c" u( a+ X% ?2 o) d5 D+ L
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6 |) B8 o( q: D& l, _) eQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:. n3 I+ w$ Z4 w# M2 b6 p) u+ R
A) 6.5%.2 [( `; s. O& y' |9 F6 U0 P8 e
B) 7.4%.* n6 f: Q1 i! V% h$ ?4 L! q$ ~' a
C) 8.6%.
/ W5 c0 u% V+ J( @D) 8.0%.; I' U; R- u" S
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答案和详解如下：, n' A( K/ |. N. e( s
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1 E6 p9 j, i8 r$ s7 ?) n5 jQuestion 100' {' M9 ?+ \' ~) z0 I* ~: W l
9 i) l- w$ Q2 ~All other things being equal, which of the following bonds has the greatest duration?- @/ ~- D; O- G. w& q
A) 5-year, 8% coupon bond.
7 l/ g2 H- |/ Y3 W4 E) S& R: SB) 15-year, 12% coupon bond.; [; X- L [+ V
C) 5-year, 12% coupon bond.* N' |1 N5 M7 }9 a
D) 15-year, 8% coupon bond.
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答案和详解如下：+ }+ U2 D' c: R' h& Y! c+ W5 K
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发表于 2015-7-21 08:59:22
