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Find out the cost of tuition and inflation

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If I was wanting to find out the cost of tuition and inflation is involved, would I add the percentage of inflation each year to the total cost of the college tuition.

So, John is trying to decide if he should attend college or not. Part of his decision will be based on the return on investment of college. He estimates that the per year cost to attend Texas Tech including room and board is $24,044. He also assumes cost will rise by 6% per year. How much is a four-year degree going to cost John?

I not sure if I plug the numbers in to my calculator as is or not.

N = 4(1 if it is yearly adding the previous years total)

I/Y = 4

PV = -24044(FV+24044)

PMT =24044

FV = solve for

Reference no: EM132157028

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