1. A five-year, 4.00% coupon, annual pay corporate bond is being traded in New York for 103.7956, in London for 103.7815, and in Tokyo for 103.7565. The bond does not have any embedded options. Which of the following actions should you take to maximize the potential arbitrage profit? (Ignore transaction costs.)

   		Buy the bond in London and sell it in Tokyo.
   		Buy the bond in Tokyo and sell it in New York.
   		Buy the bond in New York and sell it in Tokyo.
   		Buy the bond in London and sell it in New York.