Consider two asset classes: Stocks and Bonds. You estimate the following parameters for these two asset class funds.

correlation matrix b/n Stocks and Bonds

E(r) sd(r) Stocks Bonds Stocks 22% 19% 1 0.5 Bonds 2% 13% 0.5 1

Consider a $70,000 portfolio consisting of $20,000 in Stocks and $50,000 in Bonds. So, the portfolio is 28.57% in Stocks and 71.43% in Bonds. Given the expected return on the portfolio is 7.71%, and the standard deviation of the portfolio return is 12.89%, what is the lower limit on the portfolio value in a year if we use a 95% probability level (note: the loss at the lower limit is known as the 2.5% value-at-risk)? (use 2 decimals without $, so $10.00 is 10.00)