Suppose that the gain from a portfolio during the following year is normally distributed with a mean of $8 million and standard deviation of $12 million. What is the 95% confidence VaR of the portfolio over the following year given that the 1% quantile is -2.32, the 5% quantile is -1.64, and the 32% quantile is -4.677. a. 7.63 M b.-19.84 c. 11.68 d. -11.68 What does the answer to the above question (19) mean? e. This is the greatest, expected, gain 95% of the time f. This is the greatest, expected, loss 95% of the time g. This is the greatest annual, expected, loss 95% of the time h. This is the greatest annual, expected, gain 95% of the time

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