Please answer throughly and neatly . I will rate high if the answer is correct and all parts are answered . Thank you

3. Give a definition of: [8] a. Value at Risk (VaR) We are X% certain we will not lose more than VaR $ over the next N days b. Expected Shortfall or Conditional Value at Risk (C-VaR) In those scenarios beyond X% this is the expected loss over the next N days c. What is the difference between the two single number risk measures? VaR is how bad things might get X% of the time in N days; C-VaR tells if things get worse than that, this is the expected loss d. Is there a picture that is informative here