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 has won the week's grand prize totalling $1.12 million. The State Lottery Commission has indicated that Mr. Ormsby will receive his prize in 20 annual instatements of $56,000 each. Click here to view Exhibit 11B-1 and Exhibit 11B-2, to determine the appropriate discount factor(s) using tables. Required: If Mr. Ormsby can invest money at a 8% rate of return, what is the present value of his winnings