I think it's a good idea to invest in applying to the reach schools. Say you estimate you have a 10% chance, and spend $720 applying to the 10% schools. You have a good chance of acceptance at one of them but let's say it's still just 50%. If you do get accepted and attend, you're likely to earn >$10,000 more per year starting than you would have at your safety/regular schools.

So for $720 you take a 50/50 risk of earning $10,000 +

Sounds like a good investment to me.

Of course this assumes you will attend those schools, those schools cost relatively the same amount (etc. etc.)

Edit: I'll make you a deal. I'll front you the $720 cash, but on terms that you have to go if you get accepted, and I get 50% of the marginal difference in your first three years salary compared to the average starting salary of the school you pick as where you would have gone otherwise.