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Question 96
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Gourmet and Company has the following information:
) Y) u1 e: ?2 @( l- b nCurrent market value = $250 million
+ V2 K# Q2 [# s/ N0 n/ Q- |( RCurrent book value = $225 million9 B8 h3 b6 Q1 Q# m9 B
Sales = $750 million! V1 c3 Y. W% {6 y9 b6 M% a
Earnings = $75 million
# R1 u- R3 y* _Cash flow = $125 million
! l: i/ h, ?# @0 _) X, P4 FStock price = $7.501 U7 G! W$ ?4 o
Which of the following statements regarding Gourmet and Company is most accurate?" C& R$ K9 P5 e' ?" I! \
A) The price/book ratio is 0.90.' P: \& w! J4 u2 X
B) The price/cash flow ratio is 0.50.& N" U6 v; p2 k7 A$ I$ i) {
C) The price/sales ratio is 0.33.
8 Y' `1 r3 F& sD) The price to earnings (P/E) ratio is 33.3.
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3 V6 Z9 a0 B- b' v答案和详解如下:
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Question 97
6 j2 X$ Z' U# V1 b! y9 ZAn inverse floater is least accurately described as a floating-rate issue:
/ K+ ]$ \6 v4 ^ U- u0 j7 u. X$ i) RA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
( w/ V! a. p4 k! d* f3 g2 dB) that may, under certain circumstances, require the bondholder to make payments to the issuer.; V) Q/ C9 C- j2 }1 S6 j, `
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.9 M9 m$ j3 _: W3 Q1 Z+ s
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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答案和详解如下:
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Question 98
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' [$ C2 [2 z: K3 v* d9 cWhich of the following statements about embedded call options is most accurate?, H3 ?( y8 @' d9 T: Q1 W1 j; e
A) The call price acts as a floor on the value of a callable bond.
9 A! |& ?) f3 t& s+ D! LB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.5 Y2 A7 g4 v% M6 J
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
9 S. E. y+ W- F- ]( h5 [3 |D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.$ p1 `2 S4 K3 I; }$ b
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答案和详解如下:
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( \0 g2 i3 ~3 T# T7 JQuestion 99/ B3 m9 g+ ?8 S2 Y
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to: u, N9 V# M# [
A) 6.5%.1 c$ T( `4 \; ?0 H: B
B) 7.4%.
; Y3 f8 W& B0 v' b; m5 {9 B* dC) 8.6%.. N' V( K" O7 [" v0 h/ o7 \" S3 z2 E
D) 8.0%.
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答案和详解如下:
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Question 100
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Y8 ^" O* z* ~; U% i, _All other things being equal, which of the following bonds has the greatest duration?
4 G# {6 ?/ Q j4 M# A1 xA) 5-year, 8% coupon bond.# M; w5 M: z% s0 P5 I8 D
B) 15-year, 12% coupon bond.
- U+ y$ J) R8 `. Z1 _C) 5-year, 12% coupon bond.7 P1 i/ G, H, i$ |* `( I; j% F
D) 15-year, 8% coupon bond.
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L" ]" t5 O$ H; ]: G答案和详解如下:+ H2 o1 N+ G1 [
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