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On the Tokyo Stock Exchange, Honda Motor Company stock closed at 2,914 per share on Monday, June 6, 2016. Honda trades as an ADR on

On the Tokyo Stock Exchange, Honda Motor Company stock closed at 2,914 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 107.64/$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?

Find no-arbitrage price?

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