A portfolio has a current value of $40 million and its geometric returns are normaHy distributed with mean of 12.0% and volatility (standard deviation) of 40%. Because the geometric returns are normal, the future value of the portfolio has a lognormal distribution. If the returns are i.i.d.,what is the 95% confident,10-day lognormal value at risk?
　　A. $2.91 million
　　B. $3.86 million
　　C. $4.77 million
　　D. $5.07 million
　　Answer:C