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 has won the week's grand prize totaling $1.1 million. The State Lottery Commission has indicated that Mr. Ormsby will receive his prize in 20 annual installments of $55,000 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 11% rate of return, what is the present value of his winnings?