Calculate VaR(1-day) from each choice:

• $\text{VaR}(10-\text{day}) = 316 \rightarrow \text{VaR}(1-\text{day}) = 316 / \sqrt{10} = 100$
• $\text{VaR}(15-\text{day}) = 465 \rightarrow \text{VaR}(1-\text{day}) = 465 / \sqrt{15} = 120$
• $\text{VaR}(20-\text{day}) = 537 \rightarrow \text{VaR}(1-\text{day}) = 537 / \sqrt{20} = 120$
• $\text{VaR}(25-\text{day}) = 600 \rightarrow \text{VaR}(1-\text{day}) = 600 / \sqrt{25} = 120$ $\text{VaR}(1-\text{day})$ from A is different from those from other answers.