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Question 3 2 points Save Answer James is currently working as a lab technician and earning $73,500 per year. He owns an apartment in Burnaby that is worth $689,000. He does not have any savings or debt. James is considering selling his apartment and moving to a more remote part of British Columbia where he would start his own canoe rental business. He would purchase a small house there for $345,000. The canoes would cost $48,000 to purchase. He could invest the rest of the equity from his Burnaby apartment and the current interest rate is 2%. The following are his estimated annual values for the canoe rental business: Revenue $110,000 Explicit costs (rent, insurance) $27,400 Depreciation of canoes 7% Calculate James' economic profit if he moves and opens the canoe rental business