OCP has receivable of 5 million euros due tomorrow as a result of selling phosphate to a company in Nigeria. OCP estimat

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OCP has receivable of 5 million euros due tomorrow as a result
of selling phosphate to a company in Nigeria. OCP estimates the
standard deviation of daily percentage changes of the euro to be 1
percent over the last 100 days. Assume that these percentage
changes are normally distributed. Using the VAR method based on a
99% confidence level, what is the maximum one-day loss in dirhams
if the expected percentage change of the euro tomorrow is -0.5%?
Today’s euro spot rate is 10.88dh/€. Show your work.