Suppose that the price of an asset at close of trading yesterday, its volatility estimate yesterday, and the price at the close of trading today are as described below:

Price at close of trading, today, in $s:	300.00
Volatility estimate, yesterday, in % per day:	1.33
Price at close of trading, yesterday, in $s:	303.00

Update the volatility estimate using:

(a) The EWMA model with = 0.94 .

(b) The GARCH(1,1) model with = 0.000002, = 0.05, and = 0.93 .