This article focuses on a preliminary cost analysis that compares liquid-phase granular activated carbon (GAC) treatment with packed-tower aeration (PTA) treatment, with and without air emissions control. The sensitivity of cost to design and operating variables is also discussed. For most of the contaminants examined, PTA appears to be more cost-effective than liquid-phase GAC, even when vapor-phase GAC is required in the stripping system. Includes 14 references, tables, figures.