Exercise 14A-6 (Algo) Basic Present Value Concepts (LO14-7) The Coldwell Herald newspaper reported the following story: Frank Ormsby of Coldwell 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 $106 million The State Lottery Commission indicated that Mr. Ormsby will receive his prize in 20 annual installments of $53,000 each Click here to view Exhibit:14B-1 and Exhibit 1482. to determine the appropriate discount factor(s) using tables, Required: 1. Me 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.) Prosent value