Consider a well-diversified domestic (Australian) portfolio consisting of several hundred assets from the following asset classes: equities, bonds, commodities and real estate. a) Carefully explain the steps you would use to calculate a 95% 10-day Value at Risk (VaR) estimate using daily price data. b) Explain how you could quantify the VaR diversification benefit in the portfolio. c) Now assume that you require a 95% 100-day VaR estimate. Is this likely to be greater or less than the 10 day estimate in part a)? Why/why not?