For the question below, why the annualized VAR =n-day VaR × 
?
I thought the return needs to times (250/N) and the standard deviation times . Why we are using directly for the entire part of the VAR?
Thank you!
Based on the information in Exhibit 1 and assuming Mercury uses the analytical method for calculating VaR, which of Mercury’s industry-specific lending units most likely has the lowest annual VaR?
Energy
Media and entertainment
Technology
Correct.
Given the assumptions in Exhibit 1 of an expected return of zero, independent daily returns, and a 250-day year, annualized VaR = n-day VaR ×
For energy, annualized VaR = 
For technology, annualized VaR = 
For media and entertainment, annualized VaR = 
Therefore, technology has the lowest annualized VaR.
CFA Level III “Risk Management,” Don Chance, Kenneth Grant, and John Marsland Sections 5.2, 5.2.1, 5.2.2