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1) On the Tokyo Stock Exchange, Sumitomo Inc closed at 2600 Yen per share on March 3, 2020. Sumitomo also trades as an ADR on the New York Stock Exchange (NYSE) in the U.S. One underlying Sumitomo domestic share equals two ADRs. On March 3, 2020, the Yen/\$ exchange rate was Yen 130/ \$. At this exchange rate, what is the no-arbitrage U.S. dollar price of one Sumitomo ADR? Ans: $10 2) On the Tokyo Stock Exchange, Mitsubishi Inc Inc closed at 3900 Yen per share on March 3, 2020. Mitsubishi also trades as an ADR on the New York Stock Exchange (NYSE) in the U.S. Two underlying Mitsubishi domestic shares equals one ADR. On March 3, 2020, the Yen/\$ exchange rate was Yen 130/$. At this exchange rate, what is the no-arbitrage U.S. dollar price of one Mitsubishi ADR? Ans: $60 3) On the Tokyo Stock Exchange, Yamagachi Inc Inc closed at 7800 Yen per share on March 3, 2020. Yamagachi also trades as an ADR on the New York Stock Exchange (NYSE) in the U.S. Two underlying Yamagachi domestic shares equals three ADRs. On March 3, 2020, the Yen/\$ exchange rate was Yen 130/ \$. At this exchange rate, what is the no-arbitrage U.S. dollar price of one Yamagachi ADR