Note the 100 observations of monthly stock returns for the countries of Fiscalia and Monetaria between October 2005 and January 2014. Assuming an investment of $500,000 in each of these markets, calculate Value at Risk at the 95% level for each market, using the actual distribution of returns, that is, the historical approach. (Enter your answers as positive losses in $, with no decimal places)

							Exceptions
	Investment:	$500.000		Monthly Stock Returns			Observations < VaR
					Fiscalia	Monetaria	Fiscalia	Monetaria
Calculated from the actual distribution of returns:				Oct-2005	-3,57%	-1,47%	-3,57%	-1,47%
Value at Risk	Fiscalia	Monetaria		Nov-2005	4,22%	4,45%
(Percentage)				Dec-2005	3,07%	5,04%
($)				Jan-2006	3,98%	5,97%
				Feb-2008	-0,05%	1,40%	-0,05%
				jan-2014	-2,42%	-0,65%	-2,42%	-0,65%
					56,07%	46,56%	40	37
							-146,85%	-174,41%

VaR Fiscalia Stock Market:

VaR Monetaria Stock Market: