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Which of the following is the interpretation of a VAR of $5 million for one day at 5%. there is a 5% likelihood that the

Which of the following is the interpretation of a VAR of $5 million for one day at 5%.

there is a 5% likelihood that the firm will lose at least $5 million in one day

there is a 95% likelihood that the firm will lose less than $5 million in one day

the likelihood is that the firm will lose more $5 million every 20 days

All of the above

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