Assume that interest rate parity exists, along with the following information:

Spot rate of Swiss franc = $.80

6-month forward rate of Swiss franc = $.78

12-month forward rate of Swiss franc = $.81

Assume that the annualized U.S. interest rate is 7% for a six-month maturity and a 12-month maturity. Do you think the Swiss interest rate for a 6-month maturity is greater than, equal to, or less than the U.S. interest rate for a 6-month maturity? Explain.