Question 9 15 The following table provides the worst 20 monthly rates of return in the last 100 months for a portfolio of stocks Jan 2021 -6.67% Dec 2018 -13.00% Feb 2020 -1.67% Jul 2015 -15.0096 Mar 2020 -11.67% Nov 2016 -7.33% Apr 2018 -0.83% Mar 2016 -3,33% Aug 2015 -18.33% Aug 2019 -5.00% Dec 2017 -7.50% May 2013 -8.33% Oct 2016 -4.50% Sep 2017 - 10.83% Jan 2017 -1.83% Oct 2019 - 10.17% May 2020 -9.17% Jul 2017 -7.83% Jun 2014 -10.00% Nov 2014 -3.83% Using the historical simulation method with a confidence level of 90% a) What is the Value at Risk (VaR) of this portfolio? [3 marks) b) What is the expected shortfall (ES) of this portfolio? [3 marks) d) What is the conceptual difference between the VaR and ES? Which metric is more appropriate for portfolios with a larger exposure to extreme returns? Explain. 19 marks)