Consider the following situation: After spending twenty years on the police force, Riley
decides to open a private security firm. They give up their $90,000 annual salary but have
a pension worth 25% of their final salary. Riley serves as the main training agent and
recruiter, and they onboard two security agents al $45,000 per year and one more
experienced one at $65,000 per year. Riley operates the firm out of a storefront with a
rent of $11,000 per year. To cover the startup costs, Riley liquidated (cashed in) a number.
of investments that were bringing in $30,000 in annual interest and payments. What are
Riley's explicit costs in the first year?