Answer: The 10-day VaR is approximately $316 million

When returns are independently and identically distributed (i.i.d.), the time scaling of VaR follows the square root of time rule: $$ \text{VaR}_{T\text{-day}} = \text{VaR}_{1\text{-day}} \times \sqrt{T} $$. For T=10 days, this gives $\sqrt{10} \approx 3.16$ times the 1-day VaR.

Author: LeetQuiz Editorial Team