Question: Suppose that: - R is a random variable representing the market-value change of portfolio Z over the next day. - r(x) denotes the probability distribution

Suppose that:

- R is a random variable representing the market-value change of portfolio "Z" over the next day.

- r(x) denotes the probability distribution function of R.

Write a mathematical expression, using r(x), for the 99% 1-day VaR and the 99% 1-day CvaR

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