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Question: joanna has been offered scholarships to the university of waterloo...

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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?

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