Question: joanna has been offered scholarships to the university of waterloo...
Joanna has been offered scholarships to the University of Waterloo (Waterloo, Ontario) and McGill University (Montreal, Quebec). These are both reputable Universities that consistently rank among the top 3 for universities in Canada.
The scholarship for Waterloo pays $87500 and the average cost of living in Waterloo $98700, with a standard deviation $35000.
The scholarship for McGill pays $74500 and the average cost of living in Montreal is $97200, with a standard deviation of $27000.
If Joanna were to make a decision purely on financial terms, what would be the better scholarship choice? Why?