Assess the risk posed by the S&P 500. The investment committee would like to understand the level of volatility inherent in the S&P 500. Value-at-risk (VaR) is useful in measuring the risk of losses on a daily (short-term) and monthly (mid-term) level. 1. Calculate the VaR for the S&P 500 as exhibited through the SPY ETF. Specifically: a. Calculate the daily (same as one-day) VaR with 95% confidence and 99% confidence. b. Calculate the monthly VaR with 99% confidence. Options: Consider the historical and parametric approaches. For the parametric approach, consider alog-normal distribution as needed.