Assume that you have 5 loans made to Turkish Banks in your portfolio each valued at $10M. The PDs (10% each) are independent of each other and follow a binomial distribution. Assume that recovery rate is 30% for each loan. Compute the probability distribution of losses using the binomial probability function (i.e. P(all 5 loans defaulting), P (4 loans default), ..etc) and draw the distribution. What is 99% VAR?