Company ABC has two investment projects. Each of them has a 92% change of leading to a profit of $5 million, a 5% chance of leading to a loss of $5 million and a 3% change of leading to a loss of $20 million. Note the two projects are independent of each other. (a) What is the VaR for each project with 95% confidence level? (b) What is the expected shortfall (ES) for each project with 95% confidence level? (c) What is the VaR if the company invests in the two projects at same time when the confidence level is 95%? (d) What is the expected shortfall if the company invests in the two projects at same time when the confidence level is 95%? (e) Show whether VaR in (c) and expected shortfall in (d) satisfy the subadditivity condition, respectively.