Hi @shivanin Those XLS are here https://www.bionicturtle.com/topic/learning-spreadsheet-allen-chapters-2-3/ in this case, I just did a lazy: =ABS(PERCENTILE(E19:E23,1-confidence)); i.e., ABS of -1.30%. You will note this is not the correct 95% HS: there are only 5 losses (as the point is not HS per se but aggregation), such that the correct 95% loss is here the worst loss, but I just used the percentile to introduce some smoothing into a very jagged discrete distribution. Thanks,

@shivanin technically the 6th worst (but on the exam the 5th is acceptable, as is the average of 5th and 6th; GARP is well aware of the fact that authors differ here). Thanks,

On the same lines... For the purpose of exam if not mentioned
What do we assume
1) one tail or two tail in case of confidence interval
2) annual or semiannual compounding?

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