Assume that the closing price of the S&P 500 yesterday was 1000, and the daily log return volatility was estimated as 1.2% per day at that time using a GARCH(1, 1) model. The parameters of the GARCH model are =0.000002,=0.06, and=0.91. If the closing price of the index ends at 1015 today, what is the new volatility estimate?

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