Check my work 7 Exercise 12A-6 Basic Present Value Concepts [LO12-7] The Caldwell Herald newspaper reported the following story: Frank Ormsby of Caldwell is the state's newest millionaire. By choosing the six winning numbers on last week's state lottery, Mr. Ormsby won the week's grand prize totaling $1.22 million. The State Lottery Commission indicated that Mr. Ormsby will receive his prize in 20 annual installments of $61,000 each 1.48 points Skipped Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables. eBook Required: 1. If Mr. Ormsby can invest money at a 10% rate of return, what is the present value of his winnings? (Enter your answer in dollars and not in millions of dollars.) Print References Present value