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What is the present value of his winnings

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Reference no: EM133095623

Question - 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 $1.34 million. The State Lottery Commission indicated that Mr. Ormsby will receive his prize in 20 annual installments of $67,000 each. If Mr. Ormsby can invest money at a 9% rate of return, what is the present value of his winnings?

Reference no: EM133095623

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