There are two independent projects with cash flows uniformly distributed:

[-$4 million,$22 million] and [-$12 million,$55 million]. Please find the 95% VaR and expected shortfall for each project and the two projects combined. Is the subadditivity condition satisfied for VaR and the expected shortfall? (Hint: please use the density function appended to this assignment and think about the precise definition of VaR and expected shortfall.)