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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

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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: In doliar 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 riski $

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