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Graph the calculated 99% Value-at-Risk and the observed returns in one figure, calculate the hits rate (hits =1 if a daily observed return is greater

Graph the calculated 99% Value-at-Risk and the observed returns in one figure, calculate the hits rate (hits =1 if a daily observed return is greater than the calculated 99% Value-at-Risk and hits =0 otherwise and comment about the accuracy of the model.

What is hit rate? how can i know the accuracy of the model?

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