In the London market, EEC Inc.’s stock closed at £0.875 per share on Thursday, April 1, 2005. EEC trades in ADRs in the over-the-counter market in the United States. Four underlying EEC shares are packaged into one ADR. On April 10, 2005, the spot exchange rate for the British pound sterling to the U.S. dollar was £0.7366 to $1.00. Determine the no-arbitrage U.S. price of 1 ADR.