A retailer owes a wholesaler $800,000 due in 45 days. If the payment is 15 days late, there is a 1% penalty charge. Since the bill isn't due immediately, the retailer can invest the $800,000 in a certificate of deposit and make money on the interest. The retailer has two options: a 45-day certificate of deposit (CD) earning 8% per year simple interest or a 60-day certificate earning 9% per year simple interest.
how much will the retailer make in total if he opts for the 60-day certificate and has to pay the penalty out of the proceeds of the interest earned on the cd? (round your answer to the nearest cent.)