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On the Tokyo Stock Exchange, Honda Motor Company stock closed at 2,924 per share on Monday, June 6, 2016. Honda trades as an ADR on

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On the Tokyo Stock Exchange, Honda Motor Company stock closed at 2,924 per share on Monday, June 6, 2016. Honda trades as an ADR on the NYSE. One underlying Honda share equals one ADR. On June 6, 2016, the /$ exchange rate was 107.74/$1.00. (Round your answer to 2 decimal places.) At this exchange rate, what is the no-arbitrage U.S. dollar price of one ADR? No-arbitrage price

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