Heavy Metals Contamination within Street Dusts

Opinion of Probable Costs

 
 

 

 

 

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The opinion of probable costs were developed in order to estimate a cost for completing the study and to compare if doing so would add value to a students (my) life. The assumed values for hourly rates and equipment rental costs come from personal experience with consultant rates and assume that a consulting firm were doing the work. Therefore, the final cost resembles what might be presented in a proposal to a governmental agency that would want to commission this type of study.

 

Opinion of Probable Costs
           
Sample Collection    Units Estimated Time  Cost/hr. Subtotal Project Costs
Environmental Scientist   Hr. 80 $75.00 $6,000.00
Sample Technician    Hr. 15 $50.00 $750.00
TxDOT Employee    Hr. 15 $50.00 $750.00
Analytical Analysis           
Lab Technician/Data Analysis  Hr. 48 $75.00 $3,600.00
Equipment           
Vacuum    Ea. 1 $45.00 $45.00
Sample Bags   Ea. 30 $8.00 $240.00
Particle Sizer    Hr. 15 $75.00 $1,125.00
ICP OES    Hr. 15 $125.00 $1,875.00
           
      Project Totals  $14,385.00
           
APR 4%        
Years to Retirement 39        
Estimated Future Value of Project: $16,672.18      
           
           
Estiamted Future retirement Value with Increased Earning Potential    
Increase of an Average of $1000.00 per Year      
           
Future Value of Investment: $94,025.52        

 

As can be seen from the table above, the cost of the study including sampling and laboratory time would be in the neighborhood of Fourteen Thousand Dollars

 

The alternatives analysis assumed that I had $14K and was given the choice to pay for my study and receive a Masters Thesis, or to put that money into the bank for 39 years. 39 years is the time before I turn 65 and retire. I also assumed that over the lifetime of my professional career, an MS degree would increase my earning potential by $1000.00 per year.

 

Therefore the conclusion is that if I were to take the $14,385.00 and place them into a bank account for 39 years at an interest rate of four percent, I would only increase my capital to $16,672.18 after 39 years!

 

Conversely, if I were to take the extra $1000.00 that I assumed I would earn every year and invest that with the same interest rate, I would have $94,025.52 at age 65. Therefore, it is clearly in my favor to complete the requirements necessary for the Master of Science Degree.