Estimate the total annual economic cost of starting a business if you are given the following information about annual costs.
Foregone wages from previous job $30,000
Rent for office spade: $24,000
Utilities: $6,000
Advertising: $2,000
In addition, the owner invests $100,000 of her own capital into the business and could have earned 5% on these funds had she left them in a certificate of deposit.