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each of two independent projects has a 0.97 probability of a gain of $1 million and a 0.03 probability of a loss of $5 million.

each of two independent projects has a 0.97 probability of a gain of $1 million and a 0.03 probability of a loss of $5 million. what is the 95% expected shortfall for the portfolio?each of two independent projects has a 0.97 probability of a gain of $1 million and a 0.03 probability of a loss of $5 million. what is the 95% expected shortfall for the portfolio?

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