19) Suppose that an investment has a 2% chance of a loss of $100 million, a 5% chance of a loss of $200 million, a 3% chance of a loss of $50 million, and a 90% chance of a gain of $50 million. What is the approximate Expected Shortfall of this investment when the confidence level is 94%? $183 million $200 million $167 million $150 million 20) Suppose that each of two investments has a 5% chance of a loss of $10 million and a 95% chance of a profit of $1 million. What is the VaR for a portfolio consisting of the two investments when the confidence level is 95%? $20 million $11 million $10 million $9 million 21) VaR represents: The loss level during a time period of a certain length that we are X% certain will not be exceeded The loss level during a time period of a certain length that we are X% certain will be exceeded The gain level during a time period of a certain length that we are X% certain will not be exceeded The gain level during a time period of a certain length that we are X% certain will be exceeded