Final answer:
To verify the financial planner's statement about Mr. Elliot's net worth, we need the figures for his assets and liabilities. Net worth is calculated by subtracting liabilities from assets. Without specific figures, we cannot confirm the planner's claim.
Step-by-step explanation:
To determine whether the financial planner's assertion that Mr. Elliot's net worth is $9,600 is correct, we need to know the sum of Mr. Elliot's assets and liabilities. Net worth is calculated by subtracting total liabilities from total assets. Using the example provided for the Safe and Secure Bank, where the net worth is $1 million calculated from $11 million in assets minus $10 million in liabilities, we apply the same formula.
If a person or a bank has a positive net worth, it indicates financial health. A negative net worth would mean that if demands for withdrawal arise, the person or bank may not be able to fulfill them, as seen in the scenario following the 2008-2009 global financial crisis which affected homeowners' wealth drastically. Unfortunately, the question does not provide specific figures for Mr. Elliot's assets and liabilities; therefore, without these numbers, we cannot confirm the accuracy of the financial planner's statement regarding Mr. Elliot's net worth.