The VAR on a portfolio using a oneday horizon is USD 100 mil

The VAR on a portfolio using a one-day horizon is USD 100 million. The VAR using a 30-day horizon is

Question options:

1)	USD 316 million if returns are not independently and identically distributed

2)	USD 547.72 million if returns are independently and identically distributed

3)	USD 100 million since VAR does not depend on any day horizon

4)	USD 31.6 million irrespective of any other factors

VAR can be converted into different time frames by the following formula :

VAR(monthly) = VAR(daily)*Square root (30)

VAR (monthly) = 100 * Sqrt(30)

VAR (monthly) = 100*5.47

VAR (monthly) = $547.72