An investor in Hong Kong considers trading a forward on Turkish Lira. The risk-free interest rates in Hong Kong and Turkey are 1% and 8% per annum, respectively. The spot exchange rate is 0.98 Hong Kong Dollar (HKD) per Turkish Lira (TRY). The 4-year forward exchange rate is 0.90 HKD per TRY. Is there an arbitrage? If so, what is the arbitrage profit today? (Consider an arbitrage strategy where we long or short the forward on 1 TRY and the net cash flow in year 4 is zero)

A)0.1153

B)0.1531

C)0.1593

D)no arbitrage