Question 2: (10 marks) The change in the value of a portfolio in one month is normally distributed with a mean of zero and a standard deviation of $4.5 million. Note the confidence level is 96.5% and a time horizon is of five months. a) Calculate the following: i) Value at Risk (4 marks) ii) Expected Shortfall for the portfolio (4 marks) b) Explain your answers in relation to i) and ii) above ( 2 marks)