A new entrepreneur is planning to open a juice bar. According to his accountant's predicted estimations the business projected yearly revenue would be $70000, the rent expense would be $20000 p.a., new equipment cost $25000 p.a. and the wage bill would be $20000 p.a. It is also known that to engage in this new business venture the entrepreneur must give up his current job currently paying $30000 p.a. and invest his own funds into the business which currently return $10000 p.a. in interest.

Calculate the economic rent for a decision to open the juice bar. Explain with reference to the above scenario if opening the juice bar is a viable option for the new entrepreneur?