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for what I would be doing it would only take minutes, possibly seconds on a machine like that. and at a dime n hour, shiznit, I might check in to that further.
Mind that you pay for a started hour. You also pay for S3 storage. If you want your data somewhere retained, you need an Elastic Volume, which costs per GB and transfer and IO stuff like that, too.
All in all if you just use it for your on demand stuff, I *guess* you can still get away with < 5 bucks there per month. It's not expensive just because they charge for everything.
Just don't forget to release resources properly, i.e. shut down your instances, remove volumes you don't need anymore
But in light of illogicals offer I would just go for that )