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Celine Co. will need 500,000 euros in 90 days to pay for German imports. Today's 90-day forward rate of the euro is $1.07. The spot

Celine Co. will need 500,000 euros in 90 days to pay for German imports. Today's 90-day forward rate of the euro is $1.07. The spot rate of the euro in 90 days is forecasted to be $1.02. Based on this information, the dollar cash outflows of the forward hedge is ____ than the dollar cash flows of no hedge.

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