The local newspaper reported years ago that the winner of a $9,420,713 lottery prize was bankrupt. The prize was paid in 19 equal installments (20 installments, but the winner has already received the first payment).

The bankruptcy court judge rule that the prize should be sold off to the highest bidder and the proceeds used to pay the creditors.

If the interest rate was 8%, how much would you have been prepared to bid for the prize?