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1. Do these verbs mean the same:

a) "I was so caught up in my project that I forgot about the party." b) "I was so wrapped up in my project that I forgot about the party." (And are these informal verbs?) 2. And does it mean the same to say: "I was so consumed in my project that I forgot about the party." (And is this verb more formal than the verbs above?)
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Yes, you've got the right idea about all this.

I suggest consumed by, not consumed in.

Clive