Suppose that the Hong Kong Dollar (HKD) is pegged to the U.S. dollar ($) at a rate of 7.75 HKD/$. Over the past month, the U.S. dollar has fluctuated against the Euro from an exchange rate of $0.838/ to $0.816/. What is the most likely new HKD/$ exchange rate?

Group of answer choices

7.96 HKD/$

7.75 HKD/$

7.85 HKD/$

7.55 HKD/$