Fred currently works for a corporate law firm and earns an annual salary of $125,000. He is considering opening his own legal practice, where he expects to earn $200,000 per year once he gets established. To run his own firm, he would need an office and a law clerk. He has found the perfect office, which rents for $50,000 per year. A law clerk could be hired for $35,000 per year. If these figures are accurate, would Fred’s legal practice be profitable?

Answer rating: 100% (QA)

The total profit earned by the individual in concern has to be found before judging whether the bus... View the full answer