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What is the no-arbitrage U.S. dollar price of one ADR?
A company's stock trades on the Milan stock exchange and the company trades as an ADR in the American Stock Exchange. On Friday, the stock closed at EUR15.41, and the ADR closed at $21.93. The $/Euro spot exchange rate on Friday was $1.4216/EUR1.00. What is the no-arbitrage U.S. dollar price of one ADR? Is there an arbitrage opportunity?
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