A trader owns stock XYZ as part of a long-term investment portfolio. The trader can buy XYZ for $2,250 and sell it for $2,249. The trader can borrow funds at 6.5% per year and invest funds at 6% per year (both interest rates are expressed with annual compounding). For what range of 1-year forward prices of XYZ does the trade have no arbitrage opportunities? (Assume there is no bid-offer spread for forward prices)

1. 2,385.185 and 2,403.5
2. 2,395.5 and 2,409.5
3. 2,395.185 and 2,407.5
4. 2,249.185 and 2,250.5