Please use Excel and show formulas. Thank you very much!

1. Consider two investments. Each has a 5% chance of a loss of $20 million, a 2% chance of a loss of $0.5 million, and a 93% chance of a profit of $2 million. They are independent of each other.
   1. What is the 95% confidence level VaR for each of the investments?
   2. What is the 95% confidence level ES for each of the investments?
   3. What is the 95% confidence level VaR for a portfolio consisting of the two investments when the confidence level is 95%?
   4. What is the 95% confidence level ES for a portfolio consisting of the two investments when the confidence level is 95%?