The Caldwell Herald newspaper reported the Frank Ormsby of Caldwell is the state's newest millionaire....
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Accounting
The Caldwell Herald newspaper reported the Frank Ormsby of Caldwell is the state's newest millionaire. By the winning numbers on last week's state lottery Mr. Ormsby has won the week's grand prize totaling $1.14 million. The State Lottery Commission has indicated that Mr. Ormsby will receive his prize in 20 annual installments of $57,000 each. Click here to view Exhibit 11B-1 and Exhibit 11B-2, to determine the appropriate discount factor(s) using tables. Required: 1. if Mr. Ormsby can invest money at a 10% rate of return, what is the present value of his winnings? (Use the appropriate table to determine the discount factor(s).)
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