Based on Exhibit 1, Flusk's portfolio is expected to experience: A. a minimum daily loss of $1.10 million over the next year. B. a loss over one month equal to or exceeding $5.37 million 5 percent of the time. C. an average daily loss of $1.10 million 5 percent of the time during the next 250 trading days. The number of Flusk's VaR breaches most likely resulted from: A. using a standard normal distribution in the VaR model. B. using a 95 percent confidence interval instead of a 99 percent confidence interval. C. lower market volatility during the last year compared with the lookback period