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　　Find the statement that interpretes a $10 million overnight VaR figure with 99% confidence level most correctly.
　　A.     The institution can be expected to lose at most $10 million in 1 out of next 100 days.
　　B.     The institution can be expected to lose at least $10 million in 99 out of next 100 days.
　　C.     The institution can be expected to lose at least $10 million in 1 out of next 100 days.
　　D.     The institution can be expected to lose at most $10 million in 99 out of next 100 days.
　　Answer: C
　　VaR provides a loss estimate that is expected to be exceeded with the frequency at which the VaR was calculated.