2. Proctor & Gambles global net sales in 2017 is $85 billion. Research suggests that P&G's annual net sales follow a normal distribution with a mean of $85 billion and a standard deviation of $15 billion. What is P&G's value at risk of its net sales at the 1%, 2.5%, or 5% level? What does your answer of VaR at the 1% level really mean? 3. Calculate the covariance between securities A and B based on following information: Economy Prob. Return on A Return on B Good 0.2 0.20 0.10 Okay 0.6 0.10 0.05 Bad 0.2 0.00 0.06 4. Based on the information provided in Question number 3, what are the expected return and the standard deviation of portfolio returns? Asset Percent of Investment A 60% B 40% A