Suppose iPhone 12 costs HK$6,000 per unit in Hong Kong andNZ$1,500per unit in Auckland.The current exchange rate is 5.5 Hong Kong dollar per NZ dollar. For the sake of convenience, we assume that taxes and transportation costs between Hong Kong and New Zealand amount to NZ$100 per unit of iPhone 12. Which of the following statements is correct?

There are no arbitrage (profit-making) opportunities here since the real exchange rate of the iPhone is the same in both Hong Kong and New Zealand.

There is an arbitrage (profit-making) opportunity here where you buy an iPhone 12 in Auckland for NZ$1,500, sell it in Hong Kong for HK$ 6,000 and make a profit of HK$ 2800

There is an arbitrage (profit-making) opportunity here where you buy an iPhone 12 in Hong Kong for 6,000 Hong Kong dollar, sell it in Auckland for NZ$1,500 and make a profit of NZ$309.09

There is an arbitrage (profit-making) opportunity here where you buy an iPhone 12 in Hong Kong for 6,000 Hong Kong dollar, sell it in Auckland for NZ$1,500 and make a profit of NZ$409.09