The current price of the Honda ADR on the NYSE is $27.86. The current stock price of Honda on the Tokyo stock exchbage is 3,165 Yen. The current Yen tk US dollar exchange rate is 1Yen to $0.0088 USD.

a) at the current exchange rate, what is the no-arbitrage US dollar price of one ADR?

and

b) when comparing the Honda ADR to the price of a share of Honda stock priced in Yen, does an arbitrage opportunity exist?