A student measures the volume of a liquid transferred from a graduated measuring cylinder to a reaction beaker.

At the start of the experiment, the student fills the cylinder and incorrectly reads the initial volume from the top of the meniscus instead of from the bottom of the meniscus.
At the end of the experiment, after pouring some of the liquid out, they read the remaining final volume correctly from the bottom of the meniscus.
How does the measured volume of liquid transferred compare to the actual volume transferred?
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