3. Bank of Southern Vermont has determined that its inventory of 20 million euros () and 25 million British pounds () is subject to market risk. The spot exchange rates are $1.20/ and $1.60/, respectively. The 's of the spot exchange rates of the and , based on the daily changes of spot rates over the past six months, are 65bp and 45bp, respectively. Determine the bank's 10-day VAR for both currencies. Use adverse rate changes in the 99th percentile