You are a risk manager at a big corporation. How can you update the volatility estimate for an asset when the closing price yesterday was R$375,$ and the estimated daily volatility was $1\mathrm{.}2\%?$ Today$$s closing price is R$371.$ You need to consider the following two methods for updating the volatility estimate:

a$)$

EWMA model with $\backslash$lambda $=0\mathrm{.}95$

b$)$

GARCH $(1,1)$ model with $\backslash$omega $=0\mathrm{.}000003,\backslash$alpha $=0\mathrm{.}05,$ and $\backslash$beta $=0\mathrm{.}95$

$($Round all calculations to eight decimal places$)$