As part of your analysis (of RTI), you calculated 120 annualized monthly returns for RTI over the last 10 years. The table below ranks all 120 returns from the highest (139.273%) to the lowest (-32.67%).

  

Calculate the 4% VaR.

b. Calculate the expected shortfall (ES) at the 4% level. 

c. Which of these measures is the most "pessimistic" estimate of the riskiness of RTI? Explain your rationale.

139.273 121.7082 113.9808 100.2383 92.42082 91.93812 89.99992 89.86038 87.90029 8718278 86.08503 85.51272 84.4945 81.81487 78.6193 70.76973 70.5349 66.92517 64.0577 60.96641 60.67967 60.17686 53.92727 51.56665 49.2718 45.21356 43.4514 42.73858 39.77079 38.85159 33.44157 33.18402 32.3891 31.94998 30.31605 30.19054 29.86178 29.59561 28.28468 27.74365 26.95561 25.71885 25.29337 23.84009 23.02676 17.00694 16.97665 16.28518 16.2251 14.47807 14.18202 13.94073 13.86196 13.7793 11.95869 11.79736 10.87671 10.82257 10.22539 9.096353 1.550874 -0.15624 -0.1896 -1.37588 -1.52071 -2.03423 -2.29625 -3.15612 -3.23564 -3.53277 -6.23721 -7.27602 -8.0988 -9.40545 -9.42206 -15.8386 -16.9035 -17.8971 -19.4071 -20.0354 -20.5656 -20.6563 -21.8039 -22.3595 -24.1948 -25.4556 -25.528 -25.5845 -26.2212 -26.9046