Assume that interest rate parity $($IRP$)$ exists, along with the following information:

Spot rate of British pound $=$$$1\mathrm{.}80$

$6-$month forward rate of pound $=$$$1\mathrm{.}80$

$12-$month forward rate of pound $=$$$1\mathrm{.}82$

a$.$ Is the annualized $6-$month U$.$S$.$ risk$-$free interest rate above, below, or equal to the British risk$-$free interest rate?

The $6-$month U$.$S$.$ risk$-$free interest rate must be

$|$ the $6-$month British risk$-$free interest rate.

b$.$ Is the $12-$month U$.$S$.$ risk$-$free interest rate above, below, or equal to the British risk$-$free interest rate?

The $12-$month U$.$S$.$ risk$-$free interest rate must be

the $12-$month British risk$-$free interest rate.

boxes show, $-$ above, below, equal to$-----$