Robert Waters recently won on a the local game show Pick$-$the$-$rigt$-$letters. Robert's total winnings were $$1\mathrm{.}1$ million. The only problem is that the game show cannot pay out that amount of money at one time. Instead, the company will pay Robert $20$ annual installments of $$55,000$ each. What is the present value of Robert's payments assuming a discount rate of $11\%.($Enter your answer in dollars and no in millions of dollars.$)$

Click here to view. Exhibit $14$B$-1$ and Exhibit $14$B$-2,$ to determine the appropriate discount factor$($s$)$ using tables.

Present value