Question: How to solve the question without Excel? 5. (8 points) Below are 40 monthly returns (in percentage) of an equity portfolio worth of $1,500,000, ranked

How to solve the question without Excel? 5. (8 points) Below areHow to solve the question without Excel?

5. (8 points) Below are 40 monthly returns (in percentage) of an equity portfolio worth of $1,500,000, ranked from the highest to the lowest. What is the 5% historical monthly VaR of the portfolio? How about the 1% historical monthly VaR (can you obtain a precise answer)? 6.15 2.38 1.60 0.99 -0.67 -1.52 5.88 2.32 1.32 0.98 -0.75 -1.73 3.66 2.06 1.19 1.96 -0.85 -2.02 3.43 2.05 1.15 1.90 -1.11 -2.25 3.37 1.84 1.13 0.35 -1.18 -3.36 2.51 1.65 105 -0.23 -1.31 2.39 1.61 1.00 -0.55 -1.37

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