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 $1.08 million. The State Lottery Commission indicated Mr. Ormsby would receive his prize in 20 annual installments of $54,000 each. Click here to view Exhibit 148-1 and Exhibit 148-2, to determine the appropriate discount factor(s) using tables. Required: 1. If Mr. Ormsby can invest money at a 10% rate of return, what is the present value of his winnings? Note: Enter your answer in dollars and not in millions of dollars