What is the no-arbitrage us dollar price of one adr, Finance Basics

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What is the no-arbitrage us dollar price of one adr

Problem

On the Tokyo Stock Exchange, Honda Motor Company stock closed at V2,912 per share on Monday, June 6, 2016. Honda trades as an ADR on the NYSE. One underlying Honda share equals one ADR. On June 6, 2016, the Y/$ exchange rate was Y107.62/$1.00. At this exchange rate, what is the no-arbitrage U.S. dollar price of one ADR?

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