Based on the data in Exhibit 2, the most profitable arbitrage opportunity would be to buy the bond in:

a. Mumbai and sell it in Hong Kong.

b. Hong Kong and sell it in New York

c. New York and sell it in Hong Kong

Exhibit 22% Coupon, Five-Year Maturity, Annual Pay Bond \begin{tabular}{cccc} & New York & Hong Kong & Mumbai \\ \hline Yield to Maturity & 1.9% & 2.3% & 2.0% \\ \hline \end{tabular}