Scenario: Suppose a financial institution holds a well diversified $35,500,000 position in stocks. The variance of this position in relation to the overall S&P is equal to 1.95. Over the past year the average daily variation of the S&P is 160 basis points with a standard deviation of 80 basis points. The z-score is 1.96. What is the stock value change that corresponds to a 95% probability that no stock changes will exceed this value? O 162.574 basis points 465.76 basis points O 132 basis points Q 292 basis points Scenario: Suppose a financial institution holds a well diversified $35,500,000 position in stocks. The variance of this position in relation to the overall S&P is equal to 1.95. Over the past year the average daily variation of the S&P is 160 basis points with a standard deviation of 80 basis points. The z-score is 1.96. What is the daily earnings at risk with 95% confidence? $692,250 O $284,000 $1,653,448 $568,000