Consider the following returns for a portfolio of stocks that replicates the S&P 500 index that has a current market value of 250,000:

Time	Day 1	Day 2	Day 3	Day 4	Day 5
Return (%)	0.1%	0.2%	-0.15%	0.12%	0.08%

Required

1. Calculate the daily VAR using the historical simulation approach and an 80% confidence interval (Note: do not use the PERCENTILE function in MS Excel)
2. Assuming a zero mean return, compute the daily VAR using the RiskMetrics approach and an 80% confidence interval and comment on the difference with the 1-day VAR based on historical simulation