Payne Industries expects to receive 2.5 million euros tomorrow as a result of selling goods to France. Payne estimates the standard deviation of daily percentage changes of the euro to be 1 percent over the last 100 days. Assume that these percentage changes are normally distributed. Using the value-at-risk (VaR) method based on a 95% confidence level, what is the maximum one-day loss (in dollars) if the expected percentage change of the euro tomorrow is 0.8%?

Question 27 options:

	-$55,000
	-$37,500
	-$21,250
	-$12,500
	-$30,000