Exercise 14A-6 (Algo) Basic Present Value Concepts [LO14-7] The Caldwell Herald newspaper reported the following story. Frank Ormsby of Caldwell is the state's newest millionaire. By choosing the slx winning numbers on last week's state lottery. Mr. Ormsby won the week's grand prize totaling $1.28 million. The State Lottery Commission indicated that Mr. Ormsby will receive his prize in 20 annual installments of $64,000 each. Cick here to view Exhibit 148-1 and Exhibit 148-2, to determine the appropriate discount factor(s) using tables. Required: L. If Mc. Ormsby can invest money at a 14% rate of return, what is the present value of his winnings? (Enter your answer in dollars and not in millions of dollars.)