One student completed a cookie mining experiment in a very short period of time. in your own words, explain how 'time is money' in the cookie mining experiment and apply it to the real world.

During the cookie mining experiment, the student had to choose the tools to perform the experiment. These tools of course cost money.
Now, if the way the student conducts his/her experiment is not optimized, the student would have to spend more money and time to get the experiment done.

This also applies to real life where you have to optimize the procedures of getting any task or project completed. Otherwise, you will find yourself paying more money and consuming more time to get the output.

Another perspective of seeing how "time is money" is when a certain company/factory abides by a contract to deliver certain goods in specific time. If the company/factory fails to deliver the goods, it will pay a penalty for this delay. 

Based on the above, time is money in most aspects of life. Therefore, you must always try to optimize your work.