im having some trouble understanding how to go about these three questions based on the image provided.

1. Calculate the VaR for the S&P 500 as exhibited through the SPY ETF (per $1,000,000 investment in SPY). Specifically:

a. Calculate the daily (same as one-day) VaR with 95% confidence and 99% confidence.

b. Calculate the monthly VaR with 99% confidence.

Table 1: The Fund's Portfolio as of December 2006 Asset Name (symbol) Amount ($) Percent (%) Large-cap domestic equity S&P 500 (SPY) 85,703,400 36 Large-cop domestic equity subtotal: 85,703,400 36 Mid/small-cap domestic equity Mid-cap (MDY] 13,093,575 5.5 Small-cap growth (/WO) 5,951,625 2.5 Small-cap value (/WN) 5,951,625 2.5 Mid/small-cap domestic equity subtotal: 24,996,825 10.5 International equity Developed (EAFE) international (EFA) 33,329,100 14 Emerging markets (EEM) 8,332,275 3.5 Small-cap international (NAPIX) 8,332,275 3.5 International equity subtotal: 49,993,650 21 Fixed income Investment-grade taxable bonds [AGG) 47,613,000 20 High-yield bonds (PHIYX) 11,903,250 5 Fixed income subtotal: 59,516,250 25 Alternative investments U.S. real estate (/YR) 5,951,625 2.5 Commodities (PCRIX) 11,903,250 Alternatives subtotal: 17,854,875 7.5 Total 238,065,000 100