Suppose that the price of an asset at close of trading yesterday was $$300$ and its

volatility was estimated as $1\mathrm{.}3\%$ per day. The price at the close of trading today is

$$298.$ Update the volatility estimate using

$($a$)$ The EWMA model with $=0\mathrm{.}94$

$($b$)$ The GARCH$(1,1)$ model with $=0\mathrm{.}000002,=0\mathrm{.}04,$ and $=0\mathrm{.}94.$