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 six winning numbers on last week's state lottery, Mr. Ormsby won the week's grand prize totaling $1.08 million. The State Lottery Commission Indicated that Mr. Ormsby will receive his prize in 20 annual Installments of $54,000 each. Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using tables. 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.) Present value