Suppose a farmer in Georgia begins to grow peaches. He uses​ $1,000,000 in savings to purchase​ land, he rents equipment for ​$50 comma 000 a​ year, and he pays workers ​$140 comma 000 in wages. In​ return, he produces 250 comma 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 ​$40 comma 000 as a shoe salesman. What is the​ farmer's economic​ profit? The peach farmer earns economic profit of ​$ nothing.