ANZ shares have an annual average return of 8% and an annual return standard deviation of 32%. Returns are assumed to be normally distributed. Provide the following risk measures and show your working. Assume there are 252 trading days in a year. Use 4-digit decimal places throughout your calculation.

a) Calculate the stocks Value-at-Risk at the 99% level over a 1 month horizon. b) Calculate the stocks Value-at-Risk at the 99% level over a 1 day horizon.