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: State of the Economy High Growth Normal Growth Recession Depression Probability 0.2 0.6 0.15 0.05 Return 40% 14% - 1% -3% 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: $