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 $1.42 million. The State Lottery Commission indicated that Mr. Ormsby will recelve his prize in 20 annual installments of $71,000 each. Required: 1. If Mr. Ormsby can invest money at a 7% rate of return, what is the present value of his winnings? Note: Enter your answer in dollars and not in millions of dollars