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What is the difference between these two questions: Given a portfolio has value of let say $1 million and returns for the portfolio are normally
What is the difference between these two questions:
Given a portfolio has value of let say $1 million and returns for the portfolio are normally distributed with mean 3% and volatility 15% i.e X~N(0.03, 0.15^2).
A)Calculate the 5% value at risk (VaR)
B)Calculate the value at risk at the 5% level
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