Suppose a farmer in Georgia begins to grow peaches. He uses $1,000,000 in savings to purchase land, he rents equipment for $70,000 a year, and he pays workers $110,000 in wages. In return produces 200,000 baskets of peaches per year, which sell for $3.00 each. Suppose the interest rate on savings is 2 percent and that the farmer could otherwise have earned $25,000 as a shoe salesman. What is the farmer's economic profit? The peach farmer earns economic profit of $ What is the farmer's accounting profit? (Enter your response as an integer.) The peach farmer earns accounting profit of $ (Enter your response as an integer.)