The bank you work for has a RAROC model. The RAROC model, computed for each specific activity, measures the ratio of the expected yearly net income to the yearly VaR risk estimate. You are asked to estimate the RAROC of its USD 500 million loan business. The average interest rate is 10%. All loans have the same Probability of Default, PD, of 2% with a Loss Given Default, LGD,  of 50%. Operating costs are USD 10 million. The funding cost of the business is USD 30 million.  RAROC is estimated using a credit?VaR for loan businesses. In this case, the appropriate credit?VaR for the loans is 7.5%. The economic capital is invested and earns 6%.

The Raroc is

A.19.33%
b.46.00%
c.32.67%
d.13.33%

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