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I want to ask how to get 1.645,why not 1.96? An analyst has been asked to estimate the VaR of an investment in Big Pharma

I want to ask how to get 1.645,why not 1.96?

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An analyst has been asked to estimate the VaR of an investment in Big Pharma Inc. The company's stock is trading at USD 23, and the stock has a daily volatility of 1.5%. Using the delta-normal method, the VaR at the 95% confidence level of a long position in an at-the-money put on this stock with a delta of -0.5 over a 1-day holding period is closest to which of the following choices? USD 0.28 USD 0.40 USD 0.57 USD 2.84

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