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Louis the analyst researches the Jazz fund over the last 1,500 days. He notices that 75 days had daily returns of -0.5% or less. The

Louis the analyst researches the Jazz fund over the last 1,500 days. He notices that 75 days had daily returns of -0.5% or less. The current value of the fund is $1 million.

What is the daily value at risk at a 95% probability level for the fund?

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