Suppose a farmer in Georgia begins to grow peaches. He uses​ $1,000,000 in savings to purchase​ land, he rents equipment for ​$50,000 a​ year, and he pays workers ​$130,000 in wages. In​ return, he produces 200,000 baskets of peaches per​ year, which sell for ​$3.00 each. Suppose the interest rate on savings is 5 percent and that the farmer could otherwise have earned ​$35,000 as a shoe salesman.
What is the farmer's economic profit?