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In the TSX, RIM stock closed at CAD85 per share. On the same day, the exchange rate was CAD1.34/USD. RIM stock trades as an ADR

In the TSX, RIM stock closed at CAD85 per share. On the same day, the exchange rate was CAD1.34/USD. RIM stock trades as an ADR in the OTC market in the United States. Seven RIM shares are packaged into one ADR. What is the approximate no-arbitrage US price of one ADR?

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