You hold a portfolio worth TL50,000. You are using the historical method to estimate VaR. You find that the worst 10 daily returns for the portfolio over the period of last 100 trading days are -1.0%, -0.3%, -0.6%, -0.2%, -2.7%, -0.7%, -2.9%, 0.1%, -1.1%, -3.0%. What is the daily VaR for the portfolio at the 95% confidence level (CL)?

(99% CL z value: 2.33; 95% CL z value: 1.65; assume: 250 trading days in a year, 20 days in a month, 5 days in a week.)

a. TL1,350.

b. TL500.

c. TL350.

d. TL825.

e. TL1,500.