Suppose that you have two investments, each of which has a 0.8% chance of a loss of $12 million and a 99.2% chance of a loss of $2 million. These two investments are independent of each other. What is the expected shortfall (ES) for one of the investments at the 99% confidence level?

		$2 million
		$4 million
		$10 million
		$12 million

Suppose that you have two investments, each of which has a 0.8% chance of a loss of $12 million and a 99.2% chance of a loss of $2 million. These two investments are independent of each other. What is the VaR for one of the investments at the 99% confidence level?

		$10 million
		$2 million
		$4 million
		$12 million