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You are head of the Schwartz Family Endowment for the Arts. You have decided to fund an arts school in the San Francisco Bay area

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You are head of the Schwartz Family Endowment for the Arts. You have decided to fund an arts school in the San Francisco Bay area in perpetuity. Every 5 years, you will give the school $1,000,000. The first payment will occur 5 years from today. If the interest rate is 8.0% per year, what is the present value of your gift? The PV of the gift is $ . (Round to the nearest dollar.)

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