Define Value-at-Risk (VaR). Interpret monthly 1%VaR = -0.25% for the exchange rate S[AUD/USD) returns. Show 1%VaR = -0.25% on a graph or chart assuming normality for retums. Using the data set below, calculate 1% daily VaR of an AUD $300 million position in US dollars. For this purpose, use the parametric approach. The z-value at 1% is -2.326. Day AUD/USD 1 0.5324 2 0.5177 3 0.5642 4 0.5948 5 0.5521 6 0.5777 7 0.5135 . What are the key differences between parametric VaR approach and the historical VaR approach and what are the key assumptions that underlie each annmach