Exercise 14A-6 (Algo) Basic Present Value Concepts (L014-7) 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 Mt. Ormsby will receive his prize in 20 annual installments of 561,000 each Click here to view Exhibit 148-1 and Exhibit 148.2. to determine the appropriate discount foctor(s) using tables Required: 1. 11 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.)