An investor buys $3m of shares in small cap stocks with portfolio beta of 0.5, and $5m worth of shares in large cap stocks with a portfolio beta of 1.1. Suppose the volatilities of the small cap and large cap risk factors are 15% and 9% respectively, and their correlation is 0.6. What is the 1% 1-day total equity VaR in $ terms? You are given that \ Assume there are 250 trading days in a year