Determine the total sunk cost and the total opportunity cost

Reference no: EM1368401

Dave is employed by a company that currently pays him $65,000 per year. He owns a new car that he bought for cash of $32,500. Dave is thinking about returning to school to obtain a law degree. Tuition for the school he wants to attend is $28,000 per year, books average $1,350 per year, and room and board average $12,550 per year.

Determine the total sunk cost and the total opportunity cost for Dave if he decides to go back to law school for 3 years.

Reference no: EM1368401

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