3. Define \( \triangle p \) as the daily change for the value of a portfolio in one day. Suppose that one-day volatility of \( \triangle p \) is 2 and \( \triangle p \) from one day to the next day are independent. The estimate of 4-day volatility for \( \triangle p \) is__ (e)__. Suppose that daily changes \( \triangle p \) have first-order correlation with 0.12. The 4-day volatility for \( \triangle p \) will be __(f)__.