Suppose that we back-test a VaR model using 500 days of data. The VaR confidence level is 99% and we observe 9 exceptions. Should we reject the model at the 5% confidence level? Please choose the right answer with the right reason. (Please use the "Convenient Shortcut" discussed in class to back-test the VaR model.) Select one: a. Yes, because 9 exceptions out of 500 days is greater than 1% b. Yes, because z = 2.67 is greater than 1.96 Pe. No, because 9 exceptions out of 500 days is less than 5% c. d. No, because z = 1.80 is less than 1.96 Suppose that we back-test a VaR model using 500 days of data. The VaR confidence level is 99% and we observe 9 exceptions. Should we reject the model at the 5% confidence level? Please choose the right answer with the right reason. (Please use the "Convenient Shortcut" discussed in class to back-test the VaR model.) Select one: a. Yes, because 9 exceptions out of 500 days is greater than 1% b. Yes, because z = 2.67 is greater than 1.96 Pe. No, because 9 exceptions out of 500 days is less than 5% c. d. No, because z = 1.80 is less than 1.96