11/19/2020 Ch 15 Eco9723-Rimanegdo Nassa 3. A researcher is interested in finding out how the past average daily values of the stock prices of a firm A determine the current average daily value of its stock price. Let p, (measured in dollars) denote the average daily value of the stock price of firm A at time t. The researcher collects data on the average daily values of the stock prices of the last quarter of 2017, i.e., t= 1, 2,..., 90 and estimates the following autoregressive model with 1 lag of pt: P, = 2.48 + 1.12p-1, R = 0.512, SER = 13.14. (1.12) (0.64) The standard errors are given in parentheses. Suppose that the actual average daily value of the stock price on January 2, 2018 was $509.43 and the average daily value of the stock price on December 31, 2017 was $445.12. The forecast error in the estimation of the average daily value of the stock price on January 2, 2018 will be $ 8.42 (Round your answer to two decimal places.)