Answer: 20 business days

The correct answer is **C**. With a 5% probability and a one-day measurement period, the bank's VaR implies an expected minimum loss of €5 million once every 20 business days. This interpretation aligns with the definition of VaR, where a 5% probability over one day translates to an occurrence of roughly once every 20 business days (assuming 250 to 260 business days in a year). Options A and B are incorrect as they do not match this calculation.

Author: LeetQuiz Editorial Team