At the end of day on Black Monday (October 19th 1987), you would like to estimate the term structure of VaRs and expected shortfalls on the S&P 500 index for the next 300 days. The first thing you did is to fit a GARCH(1,1) model to the past two years of data to obtain the one-step ahead volatility forecast (denoted by t+1), and the parameters , , and of the GARCH(1,1) model. Describe the steps you would take to estimate the term structure of VaRs and expected shortfalls using the Monte Carlo Simulation method, in which you use standard normal shocks and you update future volatility using the GARCH(1,1) model.