9.A portfolio consists of two bonds. The credit VAR is defined as the maximum loss due to defaults at a confidence level of 98% over a one-year horizon. The probability of joint default of the two bonds is 1.27%, and the default correlation is 30%. The bond value, default probability, and recovery rate are $1,000,000, 3%, and 60% for one bond, and $800,000, 5%, and 40% for the other. What is the expected credit loss of the portfolio? (final answer) (3 Points) Enter your answer 10. A portfolio of bonds consists of five bonds whose default correlation is zero. The one-year probabilities of default of the bonds are: 2%, 4%, 5%, 10% and 15%. What is the one-year probability of no default within the portfolio? (final answer) ( Points) Enter your answer 11. Consider shares of common stock whose current value is $120.00, over the past 15 years, historical data show that monthly returns to holders of these shares have averaged 0.65 percent per month and the monthly standard deviation has been 8.59 percent. At a 99 percent level of een confidence How large a loss might occur on this stock during the next month (final answer)