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　　A manager bought 1,000 call options on a non-dividend-paying stock, with a strike price of USD 100, for USD 6 each. The current stock price is USD 104 with a daily stock return volatility of 1.89%, and the delta of the option is 0.6. Given the delta-normal approach to calculate VaR, which of the choices below is an approximation of the 1-day 95% VaR of this position?
　　A.     USD 112
　　B.     USD 1,946
　　C.     USD 3,243
　　D.     USD 5,406
　　Answer: B
　　95% VaR1-day of the underlying = 104×1.65×1.89% = 3.24
　　95% VaR1-day of the option = 1000×0.6×3.24 = 1,946