Calculating VaR for a Diversified Portfolio

As a risk manager at a major investment firm, you are tasked with evaluating the Value at Risk (VaR) of a diversified portfolio containing equities and bonds. The portfolio has a normal distribution of returns with a mean return of 8% and a standard deviation of 12%. When calculating VaR at the 95% confidence level, it is crucial to understand the implications of such a measurement on your risk assessment strategies.

Assuming the portfolio value is $10 million, what would be the Value at Risk for this portfolio over a 1-day horizon?