As a portfolio manager for Bank of America Merrill Lynch, you are managing a portfolio of $33.90 million. You would like to estimate how much your portfolio might be losing over the period of next 81 trading days. Suppose the portfolio has a daily volatility of 3.0%.

a. What is 81 day volatility? b. What is the VaR (in dollars) over a 81 day time period at a 95% confidence level? c. What is the VaR (in dollars) over a 81 day time period at a 99% confidence level?