What is the no-arbitrage french price of one sanofi share

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Problem 1: In the US market, Sanofi ADR closed at $40 per ADR. On the same day, the Euro to the U.S. dollar spot exchange rate was $1.45/E1.00. Suppose 10 underlying Sanofi shares are packaged into one Sanofi ADR. What is the no-arbitrage French price of one Sanofi share in Paris, in Euro, round to two decimal places?

Reference no: EM132769487

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