Eni is an energy company headquartered in Italy, whose stock trades on the Milan stock exchange for 13.26 euros per share. Eni issued an ADR on the NYSE. Each ADR represents two shares. The exchange rate is $1.09 per euro, or 0.9174 euro/$. What is the no-arbitrage value of the ADR in $? O $14.45 O $24.33 O $28.90 O $12.16

Eni is an energy company headquartered in Italy, whose stock trades on the Milan stock exchange for 13.26 euros per share. Eni issued an ADR on the NYSE. Each ADR represents two shares. The exchange rate is $1.09 per euro, or 0.9174 euro/ $. What is the no-arbitrage value of the ADR in $? $14,45 $24.33 $28.90 $12.16