Small Town Bank holds three different positions. The following Daily Earnings at Risk ("DEaR") information is available for the positions. Position 1 is a five-year zerocoupon bond with DEaR of $5,650; position 2 is a commodity contract with DEaR of $10,760 and the third position are Australian equities with DEaR of $15,850. The five-year zero-coupon bonds and the commodity contract position have a negative correlation of 0.20, the correlation between the zero-coupon bonds and the Australian equities have a negative correlation of 0.60 and the correlation between the commodity contract position and the Australian equities have a positive correlation of 0.75. The Undiversified DEaR of the Small Town Bank's portfolio is closest to: $28,000 $19,000 $49,000 $32,000 $23,000