If the daily, 99% confidence level, value-at-risk (VaR at 1%) of a portfolio is correctly estimated to be -15%, one would expect that in one out of:

	A.	99 days, the portfolio value will decline by 15% or more.
	B.	20 days, the portfolio value will decline by 15% or more.
	C.	100 days, the portfolio value will decline by 15% or more.
	D.	1 day, the portfolio value will decline by 15% or more.
	E.	5 days, the portfolio value will decline by 15% or more.