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Question on Fiat trades and ADR

At Milan bourse, Fiat stock closed at EUR31.90 per share on Friday, September 10, 1999. Fiat trades as & ADR on the NYSE. One underlying Fiat shares equivalent one ADR. On September 10, the $/EUR spot exchange rate was $1.0367/EUR1.00. At this exchange rate, give no-arbitrage U.S. dollar price of one ADR?
The no-arbitrage ADR U.S. dollar price is: EUR31.90 x $1.0367 = $33.07.

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