On the Tokyo Stock Exchange, Honda Motor Company stock closed at $1,570$ per share on

November $24,2023.$ Honda is also traded as ADR on the New York Stock Exchange. After

October $1,2023,$ the ratio of Honda's ADRs to underlying shares is $1$ADR$=3$ Shares. On

November $24,2023,$ the $\frac{}{\text{\$}}$ spot exchange rate was $\frac{149\mathrm{.}46}{\text{\$}}.$

a$.$ At this exchange rate, what is the no$-$arbitrage U$.$S$.$ dollar price of one ADR of Honda

on NYSE?

b$.$ Find Honda ADR's price on November $24.$ Do you think an arbitrage opportunity exists?