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On the Tokyo Stock Exchange, Honda Motor Company stock closed at 2,322 per share on March 19,2020 . Honda trades as and ADR on the

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On the Tokyo Stock Exchange, Honda Motor Company stock closed at 2,322 per share on March 19,2020 . Honda trades as and ADR on the NYSE. One underlying Honda share equals one ADR. On March 19, 2020, the #/$ spot exchange rate was $109.33/$1.00. At this exchange rate, what is the no-arbitrage U.S. dollar price of one ADR? $23.22 $21.24 $25.39 $109.33

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