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Your stock portfolio is currently worth $650,000. Your portfolio has an annual standard deviation of 24%. We know that if returns are normally distributed, then

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Your stock portfolio is currently worth $650,000. Your portfolio has an annual standard deviation of 24%. We know that if returns are normally distributed, then the probability of observing an outcome more than 2.33 standard deviations below the mean is 1%. What is the 1-day 99% Value at Risk (VaR)? (Note: There are 252 trading days in a year.) a. $9,827 b. $14,489 c. $18,613 d. $22,897

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