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The Caldwell Herald newspaper reported the following story: Frank Ormsby of Caldwell is the state's...

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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. Use Excel or a financial calculator to solve. Round answers to the nearest dollar. 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 milions of dollars.)

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