Dexter is an accountant earning $45,000 per year but he hates his job. Dexter decides to leave his accounting job and start his own white water rafting guided tour business. He needs $80,000 to start his business. Dexter has $40,000 in savings that he will use to start his new business and he borrows the remaining $40,000 from a bank. The interest rate is 3%.
The explicit cost of opening Dexter’s white water rafting business is and the implicit cost of opening the new business is .
A. $80,000; $45,000B. $2,400; $45,000C. $1,200; $46,200D. $127,400; $0
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Dexter is an accountant earning $45,000 per year but he hates his job. Dexter decides to leave his a...
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