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1. Portfolio Risk (20') Each of two independent projects has a probability 0.98 of a loss of $1 million, 0.01 probability of a loss of $10 million and 0.01 probability of a loss of $20 million (1) What is the 97% VaR for each project? (5') (2) What is the 97% expected shortfall for each project? (5') (3) What is the 97% VaR for the portfolio (two projects)? (5') (4) What is the 97% expected shortfall for the portfolio? (5') 1. Portfolio Risk (20') Each of two independent projects has a probability 0.98 of a loss of $1 million, 0.01 probability of a loss of $10 million and 0.01 probability of a loss of $20 million (1) What is the 97% VaR for each project? (5') (2) What is the 97% expected shortfall for each project? (5') (3) What is the 97% VaR for the portfolio (two projects)? (5') (4) What is the 97% expected shortfall for the portfolio? (5')