GARP 2011 Practice Exam: If the daily, 95% confidence level, value-at-risk (VaR) of a
portfolio is correctly estimated to be USD 10,000, one would expect that in one out of:
 A. 20 days, the portfolio value will decline by USD 10,000 or less
 B. 95 days, the portfolio value will decline by USD 10,000 or less
 C. 95 days, the portfolio value will decline by USD 10,000 or more
 D. 20 days, the portfolio value will decline by USD 10,000 ore more

答案是D，想不通为什么是20days，怎么算出来的。