Assume that the economy can experience four possible states: high growth, normal growth, recession, or depression. For each of those states, you expect the following stock market returns for the coming year. Probability Return State of the Economy High Growth 0.2 Normal Growth 0.6 654 101 00:34:47 Recession 0.15 -20% Depression 0.05 -25% In dollar terms, what is the value at risk (over a one-year horizon at a 5 percent probability) associated with a $1,000 investment? The value at risk: $ 12