Assuming a daily expected return of $0\mathrm{.}05\%$ and standard deviation of $1\%,$ which of the following is closest to the $1\%$ VaR of a $$100$ million portfolio?

$2\mathrm{.}3$ million

$1\mathrm{.}6$ million

$3\mathrm{.}0$ million

$1\mathrm{.}96$ million