Which of the following is a problem encountered while using more observations in the back-simulation approach?

a.

Past observations become decreasingly relevant in predicting VAR in the future.

b.

Requirement for calculating the correlations of asset returns.

c.

Need to assume a symmetric (normal) distribution for all asset returns.

d.

Calculations become highly complex; need to assume a symmetric (normal) distribution for all asset returns.

e.

Calculations become highly complex.