Katherine currently has a job at an accounting firm.  She earns $72,000 per year.  She has $190,000 in savings, which she has as bonds that earn 5% annual interest.

She is considering starting her own accounting firm.  It would cost her $122,000 to purchase the office equipment.  This equipment would depreciate 7% per year.  She would have to pay $16,000 per year to rent the office.  Labour costs would be $418,000 per year.  She estimates her annual revenue would be $722,000.

Calculate Katherine's economic profit if she starts her own firm.