ABC has received a merit scholarship to assist him in funding his four-year degree at his local university. The scholarship will pay ABC $15,000 today - September 1 - and ABC will receive 4 additional annual payments of $3,000 with the first $3,000 to be received next September 1, provided ABC maintains certain enrollment requirements. Assume a discount rate of 6%, that ABC meets the enrollment requirements, and collects all of the payments for which he is eligible.