Consider that BASF common stocks trade on Frankfurt Stock Exchange, Germany, and is listed on New York Stock Exchange as an American Depository Receipt (ADR). One BASF ADR represents one underlying common stock of BASF. On October 2, 2019 at Frankfurt bourse, BASF closed at a price of EURO 84.05, whereas at N.Y. Stock Exchange on the same day it closed at USD 55.125 per share. Assume that EURO / USD exchange rate on October 2, 2018 was EURO 1.5325 / USD 1.00. To prevent arbitrage between the underlying common stocks and the ADRs, the two securities have to trade at the same price when adjusted for exchange rate. Required: In this situation, is there any arbitrage opportunity? Show your calculations.