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 $132 million. The State Lottery Commission indicated that Mr. Ormsby will receive his prize in 20 annual Installments of $66,000 each Click here to view Exhibit 1431 and Exhibit:148 2. to determine the appropriate discount factor(s) using tables Required: 1. If Mt. Ormsby can Invest money at a 8% rate of retum, what is the present value of his winnings? (Enter your answer in dollars and not in millions of dollars.)