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1. Suppose you've estimated that the fifth-percentile value at risk of a portfolio is -30%. Now you wish to estimate the portfolio's first-percentile VaR (the

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1. Suppose you've estimated that the fifth-percentile value at risk of a portfolio is -30%. Now you wish to estimate the portfolio's first-percentile VaR (the value below which lie 1% of the returns). Will the 1% VaR be greater or less than -30%? (LO 5-2)

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