1. Squid Co. expects to pay W40,000,000,000 in one month for its imports from South Korea. It also expects to receive W45,600,000,000 for its exports to South Korea in one month. Squid Co. estimates the standard deviation of monthly percentage changes of the Korean won to be 4.5 percent over the last 60 months. Assume that these percentage changes are normally distributed. Using the value-at-risk (VaR) method based on a 95 percent confidence level, what is the maximum one-month loss in dollars if the expected percentage change of the Korean won during next month is 1 percent? Assume that the current spot rate of the won (before considering the maximum one-month loss) is $0.00085. a. $23,317 b. $305,830 c. $405,040 d. $2,515,233