Homework Help is Here – Start Your Trial Now!
Business
Economics
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)
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
See similar textbooks
icon
Related questions
Question
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: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
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
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Macroeconomics
Macroeconomics
Economics
ISBN:
9781337617390
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Microeconomics
Microeconomics
Economics
ISBN:
9781337617406
Author:
Roger A. Arnold
Publisher:
Cengage Learning
EBK HEALTH ECONOMICS AND POLICY
EBK HEALTH ECONOMICS AND POLICY
Economics
ISBN:
9781337668279
Author:
Henderson
Publisher:
YUZU
SEE MORE TEXTBOOKS