Question 1 - Fraud Losses Standard Deviation: Mean Loss: $28,663 $8,442 Based on the above data set, answer the following questions: 1. Using the statistical approach what is the VAR of the distribution of fraud losses with a 95% confidence level? 2. Using the statistical approach what is the VAR of the distribution of fraud losses with a 99% confidence level? 3. Using the percentile approach what is the VAR (approximate) of the distribution of fraud losses with a 95% confidence level? 4. Using the percentile approach what is the VAR (approximate) of the distribution of fraud losses with a 99% confidence level? 5. Why are the values different between the statistical and percentile methods