Assignment:
You have invested $150,000 in stock shares of Doom and $200,000 in stock shares of Mishap. Assume that daily returns follow a multivariate normal distribution; daily volatilities for the two stock shares are 2% and 3%, respectively, and correlation is 0.8. Find the one-day VaR at 99% confidence level.
Provide complete and step by step solution for the question and show calculations and use formulas.