4. The change in the value of a portfolio in two months is normally distributed with a zero mean and a standard deviation of $250,000. The z-value for a 99% confidence level is 2.33. (a) Calculate the Value at Risk ( VaR) and Expected Shortfall (ES) for a confidence level of 99% and a time horizon of two months. (b) State with a sentence each what the two numbers represent. (c) State one area that ES shows a more thorough risk situation than VaR. 4. The change in the value of a portfolio in two months is normally distributed with a zero mean and a standard deviation of $250,000. The z-value for a 99% confidence level is 2.33. (a) Calculate the Value at Risk ( VaR) and Expected Shortfall (ES) for a confidence level of 99% and a time horizon of two months. (b) State with a sentence each what the two numbers represent. (c) State one area that ES shows a more thorough risk situation than VaR