Suppose a daily VaR at the 99th percentile is $8 million. Loss observations beyond the 99th percentile are then used to estimate the conditonal VaR, i.e. expected shortfall. If the losses beyond the VaR level, in millions, are $9, $10, $11, $13, $15, $18, $21, $24, and $32, then what is the CVAR? What is the difference between VAR and expected shortfall (ES) as measure of market risk? What are the advantages and the disadvantages of the VaR AND expected shortfall? How these two measures are related