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On the Tokyo Stock Exchange, Honda Motor Company stock closed at 5,555 per share on Thursday, Dec.31, 2021. Honda trades as and ADR on the

On the Tokyo Stock Exchange, Honda Motor Company stock closed at 5,555 per share on Thursday, Dec.31, 2021. Honda trades as and ADR on the NYSE. One underlying Honda share equals one ADR. On Dec.31,2022, the /$ spot exchange rate was 103.2/$. a. At this exchange rate, what is the no-arbitrage U.S. dollar price of one ADR? b. By comparison, Honda ADRs traded at $42. Do you think an arbitrage opportunity exists

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