You use todays spot rate of the Brazilian real to forecast the spot rate of the real for one month ahead. Todays spot rate is $.4558. Based on the spot exchange rates at the end of each of the last 6 months, the standard deviation is 4.09%. Using the VaR method, what is the maximum percentage loss of the Brazilian real over the next month based on a 95 percent confidence level? Use the spot exchange rates at the end of each of the last 6 months as shown below to conduct your analysis. If this loss occurs, what will be the new exchange rate conditions.