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 $1.16 million. The State Lottery Commission indicated that Mr. Ormsby will receive his prize in 20 annual installments of $58,000 each. Click here to view and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables. Required: 1. If Mr. Ormsby can invest money at a 14% rate of return, what is the present value of his winnings? (Enter your answer in dollars and not in millions of dollars.) (1+r)n1 EXHIBIT 12B-2 Present Value of an Annuity of $1 in Arrears; 1/r(1(1/(1+r)n))