Minimum expected loss on a portfolio on an annual basis

CFA Level II Portfolio Management
#1

e(Rp) = 8.8%

SD portfolio = 0.122

1% VaR

answer choices:

3.4%

11.33%

19.63%

#2

= 8.8% - (SD)(CI)(-1)

= 8.8% - (0.122)(2.33)(-1)

= 8.8% + 28.436% (or 8.8% - 28.426)

= 37.226 (or -19.626)

my answer is totally off from the answer choices. why is the sign wrong?

#3

I get 19.58%, using Excel to get the z-value.