Rollins, Inc., has $3 million in cash available for 1 year. It can earn 3% on a U.S. Treasury bill or 5% on a British Treasury security. The British investment does require conversion of the company’s dollars to British pounds. Assume that interest rate parity holds and that Rollins believes the 1-year forward rate is a reliable predictor of the spot rate to be realized 1 year from now. Would the British investment provide an effective yield that is less than, greater than, or equal to the yield on the U.S. investment?  Explain your answer.