Suppose that each of two investments has a 3% chance of a loss of $12 million, a 4% chance of a loss of $3 million, and a 93% chance of a profit of $2 million. They are independent of each other. a) What is the VaR for one of the investments when the confidence level is 95%? b) What is the expected shortfall when the confidence level is 95%? c) What is the VaR for a portfolio consisting of the two investments when the confidence level is 95%? d) What is the expected shortfall for a portfolio consisting of the two investments when the confidence level is 95%? Suppose that each of two investments has a 3% chance of a loss of $12 million, a 4% chance of a loss of $3 million, and a 93% chance of a profit of $2 million. They are independent of each other. a) What is the VaR for one of the investments when the confidence level is 95%? b) What is the expected shortfall when the confidence level is 95%? c) What is the VaR for a portfolio consisting of the two investments when the confidence level is 95%? d) What is the expected shortfall for a portfolio consisting of the two investments when the confidence level is 95%