Question: The SPDR (Standard & Poor 500) ETF has average annual return of 1.5% and standard deviation of 9.1%. If you invest $10,000 in the SPDR,

The SPDR (Standard & Poor 500) ETF has average annual return of 1.5% and standard deviation of 9.1%. If you invest $10,000 in the SPDR, what is the maximum annual loss you can expect with 99% confidence (note: a 99% level of confidence equates 2.576) [that is, the Value-at-Risk @1% quantile]?

		$100
		$257.60
		$2,344.16
		$2,194.16

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