Today, the stock price of Genevo Co$.($based in Switzerland$)$ is priced at SF$60$ per share. The spot rate of the Swiss franc $($SF$)$ is $$0\mathrm{.}80.$ During the next year, you expect that the stock price of Genevo Co$.$ will decline by $2\%.$ You also expect that the Swiss franc will appreciate against the U$.$S$.$ dollar by $7\%$ during the next year. You own American depository receipts $($ADRs$)$ that represent Genevo stock. Each share that you own represents one share of the stock traded on the Swiss stock exchange. What is the estimated value of the ADR per share in $1$ year? Do not round intermediate calculations. Round your answer to the nearest cent.

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Heres the estimated value of the ADR per share in 1 yeartaking into account the expected stock price ... View the full answer