If the daily, 95% confidence level, value-at-risk (VaR at 5%) of a portfolio is correctly estimated to be -15%, one would expect that in one out of:
| A. | 20 days, the portfolio value will decline by 15% or less. | |
| B. | 20 days, the portfolio value will decline by 15% or more. | |
| C. | 5 days, the portfolio value will decline by 15% or less. | |
| D. | 5 days, the portfolio value will decline by 15% or more. |
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