Which One of the Following Is the Best Interpretation of This

Multiple Choice

Which one of the following is the best interpretation of this VaR statistic: Prob (R_p ≤ − .15) = 37%?

A) If your portfolio declines by 15% or more, then that decline is expected to be followed by a 37% increase in value.
B) Your portfolio is expected to lose at least 15%, but not more than 37%, in any given year.
C) There is a 37% chance that your portfolio will decline in value by at least 15% over the next year.
D) Sometime in the future, your portfolio is expected to lose 15% or more in a single year, but have an overall average rate of return of 37%.
E) There is a 37% chance that your portfolio will lose at least 15% of its value over the next 10 years.