Hey Guys – I’m working on a Level 1 question regarding volatility. Given is the 3-month annual spot rate for periods Jan-08 through Jan-10. The third column below is the percentage change from one period to the next that I’ve calculated. From this third column, I’ve calculated the standard deviation to be 30.38%. However, I need to annualize this value. I’ve done so by multiplying 30.38% by the square root of 4 since the spot rates are on a 3-month basis arriving at an annualized STD of 2.53%?