Assume that the mean of a data-generating process is known and equal to zero. Your initial estimate of the standard deviation is 10%, after which you observe the following returns (t = 6 is the most recent period). Assume that the initial estimator was generated from an infinitely long series and use a decay factor of 0.95. What is your updated estimate of the standard deviation?

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t r -5% 2 18% 3 16% 4 -2% 5 5% 6 -10%