8 Effective yield. Corlins plc has £1 million in cash available for 30 days. It can earn 1% on a 30-day investment in the United Kingdom. Alternatively, if it converts the pounds to South African rand, it can earn 1½% on a rand deposit. The spot rate of the rand is £0.09. The spot rate 30 days from now is expected to be £0.08. Should Corlins invest its cash in the United Kingdom or in South Africa? Explain your answer.