As the US stock market opened for trading on April 2, the stock of Apple Corporation was trading at a price of $168.20 per share. At the very same time, just as trading was about to end on the London Stock Exchange, Apple’s stock was trading in London at a price of £116.00. Assuming the costs of trading on the respective stock exchanges in New York and London are zero, and that the exchange rate between the British pound and the euro is £0.8500/€1 (0.85 pounds for one euro), determine the direct exchange rate between the US dollar and the euro.