Union Pacific stock closed at 0.768 per share in the London market. On the same day, the
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Question:
Union Pacific stock closed at £0.768 per share in the London market. On the same day, the British Pound sterling to the U.S. dollar spot exchange rate was £0.5740/$1.00. Union Pacific trades as an ADR in the OTC market in the United States. Five underlying Union Pacific shares are packaged into one ADR.
If the Union Pacific ADRs were trading at $5.75 when the underlying shares were trading in London at £0.768, ignoring transaction costs, the arbitrage trading profit would be
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