Suppose that each of two investments has a 0.9% chance of a loss of $10million and a 99.1% chance of a loss of $1 million. The investments are independent of each other. (a) What is the VaR and ES for one of the investments when the confidence level is 99% ? (b) What is the VaR and ES for a portfolio consisting of the two investments when the confidence level is 99% ? (c) Show that in this example VaR does not satisfy the subadditivity condition, whereas ES does