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 $$1\mathrm{.}02$ million. The State Lottery Commission indicated that Mr$.$ Ormsby will receive his prize in $20$ annual installments of $$51,000$ each.

Use Excel or a financial calculator to solve. Round answers to the nearest dollar.

Required:

If $Mr.$ Ormsby can invest money at a $7\%$ rate of return, what is the present value of his winnings? $($Enter your answer in dollars and not in millions of dollars.$)$

Present value