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{.}22$ million. The State Lottery Commission indicated that Mr$.$ Ormsby will receive his prize in $20$ annual installments of $$61,000$ 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 millions of dollars.$)$