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	17%	40%	1	0.4
Bonds	8%	11%	0.4	1

Consider a $100,000 portfolio consisting of $80,000 in Stocks and $20,000 in Bonds. So, the portfolio is 80% in Stocks and 20% in Bonds. Given the standard deviation of the portfolio return is 32.94%, 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)?