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My girlfriend is a freelance editor of some 30 years experience, so I have a bit of insight here.

As a rule of thumb, professionals consider a page to be 250 words. Thus your book comes to about 232 pages, give or take. Under ideal conditions, my girlfriend hits about seven pages an hour, which would be about 33 hours. The min she charges is 25 an hour, and thus a 230 page novel would cost the author around $800. At min.

$500 seems a bit low for a proofing, but lots of editors are freelance and can make what ever deals they want. It's a reasonable amount for a read.

Many first time writers are horrified by the amount of work their "final" draft requires.
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