After graduation you face a choice. One option is to work for a highly regarded consulting firm and earn a starting salary (benefits included) of $55,000. The other option is to use $12,000 you have in savings to start your own consulting firm. Assume you are earning an annual return of 5 percent on your savings. You choose to start your own consulting firm. At the end of the first year, you add up all of your expenses and revenues. Your expenses include $18,000 in rent, $1,000 in office supplies, $50,000 for office staff, $20,000 for your own salary, and $4,000 in telephone expenses. Revenues totalled $147,600. Based on the information provided, what were your total explicit costs? Your implicit costs? What was your accounting and economic profit this first year? Show your work!