Making Decisions. Consider the following situations, which each involve two options. Determine which option is less expensive. Are there unstated factors that might affect your decision?
You have a choice between going to an in-state college where you would pay $4000 per year for tuition and an out-of-state college where the tuition is $6500 per year. The cost of living is much higher at the in-state college, where you can expect to pay $700 per month in rent, compared to $450 per month at the other college. Assuming all other factors are equal, which is the less expensive choice on an annual (12-month) basis?
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