Use the following information for next 5 questions.

Assume the following information:

1-year deposit rate offered on U.S. dollars = 8%

1-year deposit rate offered on Singapore dollars = 12%

1-year forward rate of Singapore dollars (S$) = $0.702

Spot rate of Singapore dollar = $0.722

Singapore investors have S$1,000,000 to invest. If Singapore investors use covered interest arbitrage for a 1-year investment, what will be the amount of Singapore dollars Singapore investors will have after one year?