1. An investment banker has estimated that the value of her portfolio in three weeks time will be 60 million, with a standard deviation of 3.95. Calculate the downside value at risk of the portfolio, assuming a 95% confidence level. Consider 1.645 to be the normal distribution value for a one-tailed 5% probability level.
2. 1. 6.5 million.
   2. 8.5 million.
   3. 9.5 million.
   4. 10.5 million.
   5. 11.5 million.