Given a VaR of $12.5 million at 5% for a month, which of the following is correct?

Options for Question 14:

B. The minimum one-month loss, 5% of the time, is $12.5 million.

C. There is a 95% chance that the expected loss in the following month will be greater than $12.5 million.

A. There is a 5% chance of losing $12.5 million over a month.