The Caldwell Herald newspaper reported the following story: Frank Ormsby of Caldwell is the states newest millionaire. By choosing the six winning numbers on last weeks state lottery, Mr. Ormsby has won the weeks grand prize totaling $1.32 million. The State Lottery Commission has indicated that Mr. Ormsby will receive his prize in 20 annual installments of $66,000 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 8% rate of return, what is the present value of his winnings?