Dynoxo Textiles Has a Cash Inflow of $1 Million, Which

Multiple Choice

Dynoxo Textiles has a cash inflow of $1 million, which it needs for a long-term investment, at the end of one year. It plans to deposit the money in a bank CD that pays daily interest at an annual rate of 4.50 percent. What will be the value of the investment at the end of the year? (Round to the nearest dollar.)

A) $1,020,475
B) $1,000,103
C) $1,037,500
D) $1,046,025