For a foreign MNC that has ADRs trading in the US, find the US$ price of the stock, then go to Yahoo Finance for the country of the company and report the price in the domestic currency. Then use the UBC website (fx.sauder.ubc.ca) to identify the exchange rate for that countrys currency for the that day. Compare the implied exchange rate using the ADR price in USD and in foreign currency. Comment on the possibilities to engage in arbitrage. Discuss the difficulties of doing arbitrage (hours of operation, money transfers, fees, etc). If arbitrage seems possible, state what conditions that would make it possible.