A risk analyst at a bank is estimating the VaR of an equally weighted, two-asset portfolio as an exercise to demonstrate the impact of correlation on VaR. The volatility of the daily returns of each asset in the portfolio is 2%, the value of the portfolio is USD 20 million, and the 10-day 99% VaR of the portfolio is USD 2.33 million. If the correlation between the two assets doubles, which of the following is closest to the new estimate of the 10-day 99% portfolio VaR?