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Question 96
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Gourmet and Company has the following information:0 r$ V+ f. \. w9 _6 @& W* [
Current market value = $250 million
, z$ _, O4 C- A8 \# CCurrent book value = $225 million! P- h# K$ y3 m! V+ H
Sales = $750 million
2 @% U1 G9 Q ~Earnings = $75 million. H! {# X% z% A5 e+ V
Cash flow = $125 million# r0 A2 e9 n/ h( {5 j
Stock price = $7.50
5 B% S- N' E' o7 U* hWhich of the following statements regarding Gourmet and Company is most accurate?& Q J, p5 q# m, i y/ y
A) The price/book ratio is 0.90.
2 v8 _# i' V" F \6 r( bB) The price/cash flow ratio is 0.50.; Y! w+ y) N- r% g1 U: I
C) The price/sales ratio is 0.33.
& A/ o6 g. N4 `) f3 _D) The price to earnings (P/E) ratio is 33.3.
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1 H* F2 b5 j4 L& h* G$ d0 _Question 97
& u/ W$ ~0 n: LAn inverse floater is least accurately described as a floating-rate issue:1 X/ b- c- @0 L& D
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
3 X1 B2 l* a; ?) bB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
$ a3 J) E1 ^! p3 u2 bC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
6 a Y, _ e# C* u7 eD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.: ~) j' W1 R- B2 U5 n
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答案和详解如下：# b4 M+ v i" }. O) u$ x# b
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3 l! c" @3 i# }9 X' t$ sQuestion 98
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Which of the following statements about embedded call options is most accurate?
4 I" s# c2 U/ q# y: a. cA) The call price acts as a floor on the value of a callable bond.
9 g! v3 w: c" Q9 \( _% M" 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.
: ?7 @, x, Z* aC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
8 _2 `- X! u ED) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.1 W3 }5 Y% \4 L/ z
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答案和详解如下：
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Question 993 ^0 A0 H) r2 a0 Z P
+ n. r4 o" F$ o* _( v1 tA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:1 L9 ~$ b/ T) F: I1 I
A) 6.5%.0 p: G9 j; Z: E) ]8 m% S
B) 7.4%.5 ^% K& i9 K9 d) X, U2 h; ~- a; B
C) 8.6%.5 e6 U" V/ ~4 f& W* I
D) 8.0%.
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答案和详解如下：3 y0 s3 O4 w4 l
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Question 100
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All other things being equal, which of the following bonds has the greatest duration?$ `: L5 r5 u- g O7 M1 s& C
A) 5-year, 8% coupon bond.
* h' D( D; D& F9 h9 l" l' sB) 15-year, 12% coupon bond.
* P. g' ~- Q# ?/ @C) 5-year, 12% coupon bond.( Z& z: t* b4 B* m
D) 15-year, 8% coupon bond.; ]1 s7 d; W6 e9 M. \/ U4 g
" D& [" T- f8 W @2 k6 x% @( N答案和详解如下：; b* f5 Z3 q0 F# O: q; U$ N' E* k
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发表于 2015-7-21 08:59:22
