A one$-$day $95\%$ value at risk of $$100,000$ means that:

Question $31$Answer

a$.$

the expected shortfall is $$100,000$ with $95\%$ confidence

b$.$

the maximum loss over one$-$day is about $$100,000$ at the $95\%$ confidence level

c$.$

the loss is expected to be at least $$100,000$ at the $95\%$ confidence level

d$.$

the minimum loss over one$-$day is about $$100,000$ at the $5\%$ confidence level