20.21. At the end of Section 20.6, the VaR and ES for the four-index example were calculated using the model-building approach. How do the VaR and ES estimates change if the investment is $2.5 million in each index? Carry out calculations when

(a) volatilities and correlations are estimated using the equally weighted model and

(b) when they are estimated using the EWMA model with l = 0.94. Use the spreadsheets on the author’s website.