Calculation of price of rent

Question

I am solving the following problem:

The owner has premises that he decided to rent. Rental costs for the first year are 1000 and each year costs increase by 5% for 5 years.

How much rent should be agreed with the customer to cover all costs?

My solution:

I calculated the price of the rent during following 5 years:

1. year: 1000

2. year:1050

3. year:1102,5
4. year:1157,625
5. year:1215,51

Then I added the numbers and then discounted it for five years:

$$\frac{5525,635}{\left ( 1+0,05 \right )^{5}}$$

Is that correct?