Tatsuo has just been awarded a four-year scholarship to attend the university of his choice. The scholarship will pay $16,000 each year for the next four years to reimburse normal school-related expenditures. Each $16,000 payment will be made at the end of the year, contingent on Tatsuo maintaining good grades in his classes for that year. Assuming an annual interest rate of 4.5%, determine the value today of receiving this scholarship if Tatsuo maintains good grades. (FV of \$1, PV of \$1, FVA of \$1, and PVA of \$1) (Use tables, Excel, or a financial calculator. Round your answer to 2 decimal places.)