Bank of Southern Vermont has determined that its inventory of 20 million euros (:) and 25 million British pounds (£) is subject to market risk. The spot exchange rates are $0.40/: and $1.28/£, respectively. The  s of the spot exchange rates of the : and £, based on the daily changes of spot rates over the past six months, are 65 bp and 45 bp, respectively. Determine the bank’s 10-day VAR for both currencies. Use adverse rate changes in the 90th percentile