Suppose you quit a job that was paying you $55,000 a year to start your own Internet related business. You withdraw $300,000 that you had in a savings account that was paying you 4% a year to help start the business. You set up on office in a condo that you own but used to rent out for $1,000 a month. The first year of your operation, you paid salaries totaling $130,000 to three employees. You pay $500 a month in utilities, and you paid a total of $40,000 for supplies that first year. What is your total explicit cost, total implicit cost and total overall cost for your business the first year?

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