16.2 The Question Being Asked in Var What loss level is such that we are y% confident it will not be exceeded in n business days?” Options, Futures, and other Derivatives, 5th edition 2002 by John C. HullOptions, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 16.2 The Question Being Asked in VaR “What loss level is such that we are X% confident it will not be exceeded in N business days?