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 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