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Question 96' L8 i" i/ \( R% v* F
; z, m, W4 A) k8 J& h' D( y( Q; nGourmet and Company has the following information:" i& w4 X7 }0 m9 O z
Current market value = $250 million
4 b# [4 S1 W& m4 M6 Q; \Current book value = $225 million4 D/ _' |8 Q" T" I9 H* ~( h
Sales = $750 million; S' X: ` d3 `# ^/ O; u
Earnings = $75 million j) `# M$ y4 u) w
Cash flow = $125 million
9 Z* j- U$ d! S2 T- ]Stock price = $7.50
4 C' @2 `! C3 Y+ }Which of the following statements regarding Gourmet and Company is most accurate?+ L) U0 I# R5 T; Q( ]
A) The price/book ratio is 0.90., _$ ^! \5 J: s
B) The price/cash flow ratio is 0.50.. s$ M% _$ j5 I8 \# Y. F* o8 }
C) The price/sales ratio is 0.33.- T0 [. V2 B. @; i. P
D) The price to earnings (P/E) ratio is 33.3.* U% h6 K3 p0 q' j
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答案和详解如下：
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Question 97) z: q, y. f4 y5 L( c
An inverse floater is least accurately described as a floating-rate issue:3 P" F4 _% h8 Q r3 H
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.( [/ [, \1 }& j/ l4 U( |9 W
B) that may, under certain circumstances, require the bondholder to make payments to the issuer./ g0 ~+ t; ~# q( J4 r
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.2 o4 V! B4 {6 f
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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3 V' ~" {# W c" H& W% uQuestion 98
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Which of the following statements about embedded call options is most accurate?
3 `0 y, L1 a/ E1 s2 c/ yA) The call price acts as a floor on the value of a callable bond.4 a% o: I+ j+ R/ }
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.
" r* X8 N% L" x- g1 dC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
* D: o; I" j5 N/ }; V" ND) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.# d$ ?( X6 q9 B% a( L+ ^3 j; ^
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答案和详解如下：
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; [* U+ p6 \9 Y9 H N- ^; B; _' WQuestion 99
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# a9 G! z& U0 `% k1 a8 GA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:$ p) a2 M7 e" H' `3 p
A) 6.5%.* l- r% p7 l; e
B) 7.4%.% u: ~4 b) ?6 Y1 X6 K" W; C4 L1 P
C) 8.6%.- r) T+ ], J9 i* {2 d% f: t
D) 8.0%.
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% Q4 V# a# ^4 _& c: Y答案和详解如下：4 m' H+ R9 i$ g Q# u) _
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Question 100- R8 Q- v0 ^7 G3 O* q
% _6 |) s. I7 l. \+ {All other things being equal, which of the following bonds has the greatest duration?" h+ ]* ]4 k5 I }' u" k$ x
A) 5-year, 8% coupon bond.
2 q& ~/ b8 c* d( r& f) _8 hB) 15-year, 12% coupon bond.7 R% y, z; G+ g( F/ _, H6 N
C) 5-year, 12% coupon bond.
) M: Q8 w- x1 X; _: b' g* F4 hD) 15-year, 8% coupon bond.! F. E$ f1 Z: p+ n! z
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答案和详解如下：
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发表于 2015-7-21 08:59:22
