We fit the ARCH(1) model to daily returns (in percentages) of QQQ from 2006 to 2015 and obtains u^=0.1, W=1.31 and a ^1=0.31. Suppose that today's return is 1 percent, and that the one-day 5% VaR for tomorrow is 1.96 percent, which of the following interpretation is correct? Select one: O a. Conditional on today's return, there is 5% probability that QQQ will drop by more than 1.96 percent tomorrow O b. Conditional on today's return, there is 5% probability that tomorrow's return will be smaller than 1.96 percent. O c. Conditional on today's return, tomorrow's return will be 5% O d. Conditional on today's return, there is 5% probability that tomorrow's return will be larger than 1.96 percent