Question

Jasmine smith owns a condo worth $300,000, a car valued at $34,000, and miscellaneous assets worth $10,500. she owes $184,000 on the condo and $13,000 on the car and has no other debts. her retirement account, in which she is fully vested, contains $45,500 in mutual funds. she was just insured with a $530,000 term life insurance policy. what are her total assets? group of answer choices

a. $182,500
b. $723,000
c. $712,500
d. $206,000
e. $390,000

Answer 1

Jasmine Smith's total assets are calculated by summing up the value of her condo, car, miscellaneous assets, and retirement account, totaling e. $390,000. This value is the correct answer to the given question.

Step-by-step explanation:

The question is about calculating the total assets of Jasmine Smith. To determine her total assets, we will add the value of her condo, car, miscellaneous assets, and her retirement account. It is important to note that the value of her life insurance policy is not considered an asset for this calculation.

Here's how to calculate Jasmine's total assets:

• Condo value: $300,000
• Car value: $34,000
• Miscellaneous assets: $10,500
• Retirement account (mutual funds): $45,500

To find the total, we add these amounts together:

$300,000 + $34,000 + $10,500 + $45,500 = $390,000

Therefore, the correct answer is option E, which states that Jasmine's total assets are $390,000.