Please show a step by step process on how to slove this question, please be clear on which formulas you use.

A firm's portfolio is currently valued at 50 million. The portfolio has an annualized expected rate of return of 7% and a volatility of 10.5%. Assume the returns are normally distributed, and that the portfolio pays no dividends. Calculate the 5% annual Value-at-Risk for the firm's portfolio investment gain after one year