CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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7 I7 Z6 x# p0 o! E+ t; oGourmet and Company has the following information:
Current market value = $250 million
$ r& H5 A" Q# M" b' r* e( QCurrent book value = $225 million
Sales = $750 million
8 \5 l9 ]8 Q3 m2 l8 N5 A1 g' c: MEarnings = $75 million
3 k" w: h1 z, E1 ~+ fCash flow = $125 million
Stock price = $7.50
Which of the following statements regarding Gourmet and Company is most accurate?
& |( r5 K: _4 QA)    The price/book ratio is 0.90.
* M/ n- |* g9 X8 I6 OB)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
; c1 T6 k; h) O8 KD)   The price to earnings (P/E) ratio is 33.3.

% c3 ~% s5 R, f3 r% G答案和详解如下：

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9 z% q$ d  ~1 WQuestion 97
5 p: a6 L0 n9 t! H; hAn inverse floater is least accurately described as a floating-rate issue:
9 ]1 Z( D) M' u# A# ^. v# ^A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
B)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
, K( H- p4 ]; S% I9 hC)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
D)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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% s6 s& q7 q/ Z* E8 G" j答案和详解如下：

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Question 98

$ d+ Z8 M4 Y6 C9 N: P6 z' kWhich of the following statements about embedded call options is most accurate?
A)    The call price acts as a floor on the value of a callable bond.
7 L6 B2 A" f/ ^1 MB)   The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
1 i- b0 L" s* O  v5 S, |C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
D)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.

) n! p  N& M/ j4 o" Q- e0 X答案和详解如下：
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Question 99

A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
A)    6.5%.
% F3 L; E/ l3 j7 wB)   7.4%.
C)   8.6%.
/ l6 N$ F8 x! A3 LD)   8.0%.
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6 a+ x/ a, ?2 m) n/ `- h# n! z答案和详解如下：

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Question 100

All other things being equal, which of the following bonds has the greatest duration?
A)    5-year, 8% coupon bond.
  g, h9 Q, C. |4 Q- c$ R  p, S1 g- |B)   15-year, 12% coupon bond.
, Q! g& @( I4 O1 f8 B- t3 H2 [C)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.

答案和详解如下：
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Daissmention

好东西一定要看看！

fanfan

谢谢谢谢

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