Consider the following GARCH(1,1) model for the volatility of asset returns 𝑟 𝑡 : 𝑟 𝑡 = 𝛼 + 𝛽 𝑟 𝑡 − 1 + 𝜀 𝑡 𝜀 𝑡 = ℎ 𝑡 𝑢 𝑡 ℎ 𝑡 = 𝜇 + 𝛿 ℎ 𝑡 − 1 + 𝜙 𝜀 𝑡 − 1 2 𝔼 𝑡 − 1 ( 𝑢 𝑡 ) = 0 𝔼 𝑡 − 1 ( 𝑢 𝑡 2 ) = 1 You estimated the following values for the parameters 𝛼 𝛽 𝜇 𝛿 𝜙 0.5911 0.9222 0.0112 0.9132 0.0611 Assume that the last 2 observations of the return process are 𝑟 𝑇 = 0.04 and 𝑟 𝑇 − 1 = 0.05 , and the value of the conditional variance in the last period of your sample is ℎ 𝑇 = 0.5 . Then what is the predicted value of the conditional variance ℎ 𝑇 + 1 in period 𝑇 + 1 ?