Bank A's risk manager has estimated that the Value-at-Risks (VaRs) of two of its major assets in its trading portfolio,

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Bank A's risk manager has estimated that the
Value-at-Risks (VaRs) of two of its major assets in its trading
portfolio, foreign exchange and bonds are -£150,000 and -£250,000,
respectively.
(a) What is the total 1-day VaR of Bank A's trading portfolio if
the correlation between assets is ignored?
(b) What is the total 1-day VaR of Bank A's trading portfolio if
the assets are assumed to have a perfectly positive correlation?
How does the total 1-day VaR change if the assets are not
correlated? Discuss how the degree of correlation between two
assets can affect the 1-day VaR of Bank A’s trading portfolio.
(c) What is the 10-day VaR of Bank A's trading portfolio if the
correlation between assets is assumed to be -1.0?
(d) Discuss how a positive degree of autocorrelation can affect
the 10-day VaR.