IRP versus IFE. You believe that interest rate parity and the international Fisher effect hold. Assume that the UK interest rate is presently much higher than the New Zealand interest rate. You have receivables of 1 million New Zealand dollars that you will receive in one year. You could hedge the receivables with the one-year forward contract. Or, you could decide to not hedge. Is your expected British pound amount of the receivables in one year from hedging higher, lower, or the same as your expected British pound amount of the receivables without hedging? Explain.