A good question. Certainly, without preparation, I would have received an above average score. IIRC, CWRU required a 33 on the ACT for the better of two merit-based scholarships. I got a 34 the 3rd time I took the test. I think the difference between the two scholarship levels was around $18K. Given that I think my studying was worth at least a point, I can argue that my time was rewarded at at least $180/hour.
[To answer what I think is an obvious question, I doubt the overall utility of my hundred hours spent studying. However, it wasn't like CWRU was going to give me the same scholarship for having done something more useful instead.]
[To answer what I think is an obvious question, I doubt the overall utility of my hundred hours spent studying. However, it wasn't like CWRU was going to give me the same scholarship for having done something more useful instead.]