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What is the no-arbitrage U.S. dollar price of one ADR

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Question - On the Tokyo Stock Exchange, Honda Motor Company stock closed at ¥2,605 per share. Honda trades as and ADR on the NYSE. One underlying Honda share equals one ADR. That day, the USD/JPY spot exchange rate was 104.16. At this exchange rate, what is the no-arbitrage U.S. dollar price of one ADR.

Reference no: EM133036021

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