Several years ago The Wall Street Journal reported that the winner of the Massachusetts State Lottery prize had the misfortune to be both bankrupt and in prison for fraud. The prize was $9,420,713, to be paid in 20 equal annual installments where the first payment was made at the beginning of the first period. The bankruptcy court judge ruled that the prize should be sold off to the highest bidder and the proceeds used to pay off the creditors. If the interest rate was 8%, how much would you have been prepared to bid for the prize?