An investor has a portfolio worth $10,000,000. What is the 5-day 99% VaR if the probability distribution of annualized stock returns is normally distributed with a mean of 0 and a standard deviation of 20%? Assume that a year is 252 trading days and that P(Z<2.326) = 99% for a random variable Z that follows a standard normal distribution.

2. $475,610

3. $135,685

4. $280,000

5. $651,280