Refer to the article below: FRONT PAGE ECONOMICS College Tuition Up Again College gets more expensive again. In-state tuition at public four-year colleges rose 1.8 percent in 2022-2023, to an average of $10,950 per year. Out-of-state students paid an average of $28,240 to attend. Private four-year colleges also saw even bigger price hikes: 3.5 percent-to an average of $39,400. Tuition prices have been outpacing general inflation rates for many years, but fell behind this year's pace of 7 percent. Source: The College Board. If tuition keeps increasing at the same rate as in 2022-2023, how much will it cost to complete a degree in five years (2022-2027) if you are an out-of-state student at a public college? Hint: Future value = Present value × (1+ Growth in prices)* Next year's tuition = This year's tuition × (1+ Growth in prices) Instructions: Round your responses to the nearest whole dollar. If a year of college is not attended, enter "O." For example, if you are prompted to calculate completing a degree in 4 years, enter "O" for the fifth year. Tuition first year (2022-2023) Tuition second year (2023-2024) Tuition third year (2024-2025) Tuition fourth year (2025-2026) Tuition fifth year (2026-2027) Total tuition $ $ SA $ SA $ $ $ 13
Refer to the article below: FRONT PAGE ECONOMICS College Tuition Up Again College gets more expensive again. In-state tuition at public four-year colleges rose 1.8 percent in 2022-2023, to an average of $10,950 per year. Out-of-state students paid an average of $28,240 to attend. Private four-year colleges also saw even bigger price hikes: 3.5 percent-to an average of $39,400. Tuition prices have been outpacing general inflation rates for many years, but fell behind this year's pace of 7 percent. Source: The College Board. If tuition keeps increasing at the same rate as in 2022-2023, how much will it cost to complete a degree in five years (2022-2027) if you are an out-of-state student at a public college? Hint: Future value = Present value × (1+ Growth in prices)* Next year's tuition = This year's tuition × (1+ Growth in prices) Instructions: Round your responses to the nearest whole dollar. If a year of college is not attended, enter "O." For example, if you are prompted to calculate completing a degree in 4 years, enter "O" for the fifth year. Tuition first year (2022-2023) Tuition second year (2023-2024) Tuition third year (2024-2025) Tuition fourth year (2025-2026) Tuition fifth year (2026-2027) Total tuition $ $ SA $ SA $ $ $ 13
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
ChapterST7: The Economics Of Health Care
Section: Chapter Questions
Problem 7CQ
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Question
Transcribed Image Text:Refer to the article below:
FRONT PAGE ECONOMICS
College Tuition Up Again
College gets more expensive again. In-state tuition at public four-year colleges
rose 1.8 percent in 2022-2023, to an average of $10,950 per year. Out-of-state
students paid an average of $28,240 to attend.
Private four-year colleges also saw even bigger price hikes: 3.5 percent-to an
average of $39,400. Tuition prices have been outpacing general inflation rates for
many years, but fell behind this year's pace of 7 percent.
Source: The College Board.
Transcribed Image Text:If tuition keeps increasing at the same rate as in 2022-2023, how much will it cost to complete a degree in five years (2022-2027) if
you are an out-of-state student at a public college?
Hint: Future value = Present value × (1+ Growth in prices)*
Next year's tuition = This year's tuition × (1+ Growth in prices)
Instructions: Round your responses to the nearest whole dollar. If a year of college is not attended, enter "O." For example, if you are
prompted to calculate completing a degree in 4 years, enter "O" for the fifth year.
Tuition first year (2022-2023)
Tuition second year (2023-2024)
Tuition third year (2024-2025)
Tuition fourth year (2025-2026)
Tuition fifth year (2026-2027)
Total tuition
$
$
SA
$
SA
$
$
$
13
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