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Question 96
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& t9 C" m# v! G' yGourmet and Company has the following information:
4 `0 P* n( L5 g, Z; ?7 [- QCurrent market value = $250 million
$ `6 Q( V5 E, Y( sCurrent book value = $225 million7 C0 ~; _( g/ o2 T% P, Y8 ~6 h
Sales = $750 million
: _: M7 z! d3 J' N; FEarnings = $75 million* R$ J; k1 b Y
Cash flow = $125 million
: ]+ @, e" d7 ?4 H7 N, j9 uStock price = $7.50; r/ J, N+ B) D; r# F7 b4 {5 k
Which of the following statements regarding Gourmet and Company is most accurate?) y0 i0 {" @: S' k
A) The price/book ratio is 0.90.
1 g& P2 A# s; z% o6 Q$ a8 d9 K2 j$ wB) The price/cash flow ratio is 0.50.7 _; ~, d! K* R$ I2 L, x2 C
C) The price/sales ratio is 0.33." u w: C5 [- }
D) The price to earnings (P/E) ratio is 33.3.4 S" z, m' T* V" b% D8 Y& S
2 B+ H# F, ~6 n3 ~- d/ @3 ^$ L答案和详解如下：
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1 V& a# N; `3 E" A! `Question 979 ~8 J/ ?9 _7 c' [: _
An inverse floater is least accurately described as a floating-rate issue:
4 p- ?" l' L* J) t* rA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.7 H1 V" N' e! H: U4 D3 C
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
# O; B, j1 V/ f$ Y' p- [C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
& H% Y+ _5 n2 Z# eD) 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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8 M$ o3 J0 n. \! d5 vQuestion 98
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Which of the following statements about embedded call options is most accurate?$ m) ]3 P1 o7 r& Z6 G5 m1 O
A) The call price acts as a floor on the value of a callable bond.
( {0 S( D% C. a! tB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.) s+ L/ r/ P/ K- }% t3 g. ~
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.$ |2 `: K3 X3 I; r/ a
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.1 {& K4 ^; B1 f5 {5 K, a/ g% M
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答案和详解如下：0 M* c1 @. V; L/ v
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! S( Q- M+ B* f% C& {5 x4 JQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
) c8 j" w! A6 R ]A) 6.5%.
" } V/ o" x4 D' v3 u3 fB) 7.4%.1 A' p( q& _$ _% p1 W9 l' ?' ^+ `
C) 8.6%.3 R% L$ y( k3 K0 j% S" C/ t4 y9 \
D) 8.0%.
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* ^4 @/ ]4 \( r2 j答案和详解如下：6 [5 U3 F& V( w4 M7 v/ J' H" N; P
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Question 100
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All other things being equal, which of the following bonds has the greatest duration?
/ M) N( b& N5 W6 |+ @+ ^2 `A) 5-year, 8% coupon bond.
- n$ N$ v2 P4 h# u7 |! Y9 q7 |B) 15-year, 12% coupon bond., i- Y. E+ @4 A: W* o/ L
C) 5-year, 12% coupon bond.
" D) g! o: ] YD) 15-year, 8% coupon bond.
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6 I2 y( G H: O2 G+ _! e% Y1 { m3 j答案和详解如下：/ j0 A0 X% q' l& {
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发表于 2015-7-21 08:59:22
