A trader is interested in acquiring a 20,000 share position for Stock APPCOV, and the midpoint of its current best bid and best ask prices is CAD 45. APPCOV has an estimated daily return volatility of 0.38% and an average bid-ask spread of CAD 0.14. Assuming the returns of APPCOV are normally distributed, what is closest to the estimated liquidity-adjusted, 1-day 95% Value-at-Risk (VaR) in normal market conditions?

a) CAD 6,600

B)CAD 7,600

C)CAD 5,600

D)CAD 1,600