3. (20 marks) You are holding a portfolio of two stocks, with information as follows: One-Day No. of Shares Bid Price Ask Price Expected Return 20,000 50,000 Stock KBM CPL $49.9 $19.98 $50.1 $20.02 0.24% 0.15% Volatility 3.0% 2.2% (a) If the correlation of returns between the two stocks is 0.3, what is the one-day liquidity-adjusted value-at-risk (VaR) of your portfolio at 99% confidence level? (10 marks)