In New York the exchange rate is $1.57/1 and in London the exchange rate is 0.64/$1. What is the preferred way to conduct arbitrage? (Round up to two decimal places)

It is profitable to buy cheaper pounds in London and sell them to New York to make 0.93 dollars profit for every cent.

It is profitable to buy cheaper dollars in New York and sell them in London to make 0.93 pounds profit for every cent.

It is profitable to buy pounds in London and sell them in New York to make 0.36 dollars profit for every cent.

It is profitable to buy dollars in London and sell them in New York to make 0.36 dollars profit for every cent.

There is no opportunity for arbitrage.

None of the above.