So far, I have created a Character Counter on the Product Page, using the following code:

JavaScript/jQuery:

<script type="text/javascript"> 
jQuery(document).on('keyup', '.product-custom-text', updateCount);
jQuery(document).on('keydown', '.product-custom-text', updateCount);

function updateCount() {
    var cs = jQuery(this).val().length;
    jQuery('#character_count').text(cs);
}
</script>

I am then using the below code, in the functions.php file, in order to Output the Character Count:

function custom_character_counter(){
    echo 'Character Count:  <span id="character_count"></span>';
}
add_action('woocommerce_single_product_summary', 'custom_character_counter'); 

My thoughts being that now that I have the Character Count Outputted to the page, I just need to figure out how to create a function which performs the following equation:

Original Product Price + (Characters Entered x ￡1)

which then dynamically alters the starting Product Price in real time.

Is anyone aware of how this can be achieved?

Thanks in advance.