Question: How is the N solved step by step? Example Suppose that the change in the value of a portfolio over a ten-day time horizon is

How is the N solved step by step?

Example Suppose that the change in the value of a portfolio over a ten-day time horizon is normal with a mean of zero and a standard deviation of $20 million. The ten-day 99% VaR is 20N (0.99) 46.5 or $46.5 million

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