Q.70 A risk analyst uses the EWMA model with $\lambda = 0.85$ to carry out an update of correlation and covariance rates. On day $n - 1$, the observed percentage changes for variables $X$ and $Y$ are $5%$and `$3\%$, respectively. Historical data puts the correlation estimate between $X$ and $Y$ at $0.66`$ on day $n - 1$. If the estimated standard deviations on day $n - 1$ are $2.9%$and `$3.5`%$for$X$and$Y$, respectively, then which of the following is closest to the new estimate of the covariance between$X$and$Y$on day$n$?