It all depends on the area in which you live. You may want to download the Cake Matrix to help you in determining your costs involved.
I would charge, in my area, about $55-$60 for this type of cake. I would inform them that you are giving them a discount from your normal pricing since they are friends/family/etc. Let them think that they are getting a discount. They may end up referring other orders to you.
Good luck!!
If you consider $2.50 per serving (a price that seems to be average from what I read here on CC) it would come to about $125........remember, you will be doing extra decorating when you put the mortarboard and tassle on the hat. If you are using fondant, it seems folks will charge $3 per serving.
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