Assume that the economy can experience four possible states: high growth, normal growth, recession, or depression. for each of those states, you expect the following stock market returns for the coming year: state of the economy probability return high growth 0.2 40% normal growth 0.6 14% recession 0.15 -1% depression 0.05 -3% in dollar terms, what is the value at risk (over a one-year horizon at a 5 percent probability) associated with a $1,000 investment

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