Thomas has just been awarded a three-year scholarship to attend IUPUI. The scholarship will pay $8,000 each year for the next three years to reimburse normal school-related expenditures. Each $8,000 payment will be made at the end of the year, contingent on Thomas maintaining good grades in his classes for that year. Assuming an interest rate of 8%, compounded quarterly. What is the value today of receiving this scholarship if Thomas maintains good grades?