Question
The Euro to the U.S. dollar spot exchange rate was Euro 0.8/$1.00. Volvo trades as an ADR in the OTC market in the United States.
The Euro to the U.S. dollar spot exchange rate was Euro 0.8/$1.00. Volvo trades as an ADR in the OTC market in the United States. Five underlying Volvo shares are packaged into one ADR and is price at $102.50. What is the no-arbitrage Volvo stock price in Euro, round to 2 decimal places?
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Personal Finance
Authors: E Thomas Garman, Raymond E Forgue
10th Edition
143903902X, 9781439039021
