A $500,000 stock portfolio has an annual expected return of 13% and a standard deviation of 38%. What is the portfolio Value at Risk (VaR) at a 5% probability level? (Note: From Excel: =Norminv (0.05,0,1) = -1.64485 standard deviations)

	A.	-$227,850
	B.	-$212,250
	C.	-$250,000
	D.	-$247,522
	E.	-$272,150

Opponents of the EMH (Efficient Market Hypothesis) typically advocate __________.

	A.	A risk-taking investment strategy
	B.	A passive investment strategy
	C.	A conventional investment strategy
	D.	A liberal investment strategy
	E.	An active investment strategy