12. Consider a portfolio of N$100 million with three bonds, A,B, and C, with various probabilities of default and recovery rates. Assume the exposures are constant, and that default events are independent across the three issuers. By considering all possible default events (eight in total, A only defaults, B only defaults, A\&B default, and so on ...) A. Compute the Portfolio expected credit loss. B. Compute the Portfolio unexpected Loss. C. Compute the credit VAR as the range of losses with a 95% quantile. 12. Consider a portfolio of N$100 million with three bonds, A,B, and C, with various probabilities of default and recovery rates. Assume the exposures are constant, and that default events are independent across the three issuers. By considering all possible default events (eight in total, A only defaults, B only defaults, A\&B default, and so on ...) A. Compute the Portfolio expected credit loss. B. Compute the Portfolio unexpected Loss. C. Compute the credit VAR as the range of losses with a 95% quantile