Great article, but sorry to be this pedantic guy but, 5 mins of your presidents time didn’t cost you $48. First of all, your presidents salary isn’t correlated to your time spent or your tuition because if you didn’t spend that time with him he’d still get paid for that 5 mins and you’d still pay the same tuition for the year. It’s a fixed salary and your tuition is a sunk cost. Conversely the question would be more accurately framed as “how much monetary value is 5 mins of the presidents time worth?” Solving this question actually results in YOU gaining the equivalent of $48 for taking his time. You don’t pay tuition to pay him, you pay it for instruction, anything more you get out of it is actually a value to you.

Especially in a business setting is important to know how to properly frame your reference point, otherwise you could give bad suggestions based on your results.