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What is the present value of his winnings

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Reference no: EM132909765

Problem - The Caldwell Herald newspaper reported the following story: Frank Ormsoy of Caldwell is the state's newest millionaire. By choosing the six winning numbers on last week's state lottery, Mr. Drmsby has won the week's grand prize totaling $1.1 million. The State Lottery Commission has indicated that Mr. Ormsoy will receive his prize in 20 annual installments of $55,000 each. Use Excel or a ?nancial calculator to solve. Round answers to the nearest dollar. If Mr. Drmsby can invest money at a 11% rate of return, what is the present value of his winnings?

Reference no: EM132909765

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