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38) An American Depository Receipt (ADR) is a security issued by a U.S. bank and traded on a U.S. stock exchange that represents a specific

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38) An American Depository Receipt (ADR) is a security issued by a U.S. bank and traded on a U.S. stock exchange that represents a specific number of shares of a foreign stock. Siemens AG has an ADR that trades on the NYSE and is equivalent to one share of Sejmens AG trading on the Frankfurt Stock Exchange in Germany. If Seimans trades for $95.19 on the NYSE and for 64.10 on the Frankfurt Stock Exchange, then under the law of one price, the current exchange rate is

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