Q. 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)

VaR Fiscalia Stock Market:

VaR Monetaria Stock Market:

Now calculate the average return and standard deviation in each market, then use the Normal Approximation to calculate the 95% Value at Risk. (As in the previous question, enter your answers as positive losses in $, with no decimal places).

VaR Fiscalia Stock Market:

VaR Monetaria Stock Market: