Question

Ted riley owns a vehicle worth $23,000 and a home worth $340,000. he has a checking account balance of $1000, a savings account balance of $3000, and a mutual fund worth $84,000. his personal assets are worth $82,000. he still owes $11,500 on his car, $110,000 on his home, and $1000 on his credit card. what is ted's net worth?

a. $122,500
b. $655,500
c. $410,500
d. none of the above is correct.
e. $533,000

Answer 1

The correct answer is option d. none of the above is correct.

Step-by-step explanation:

To calculate Ted's net worth, we need to sum up the value of his assets and subtract the value of his liabilities. His assets include the value of his vehicle ($23,000), home ($340,000), checking account balance ($1,000), savings account balance ($3,000), and mutual fund ($84,000). This totals to $451,000. His liabilities include the amount he owes on his car ($11,500), home ($110,000), and credit card ($1,000), which totals to $122,500.

To find his net worth, we subtract the liability amount from the asset amount: $451,000 - $122,500 = $328,500. Therefore, Ted's net worth is $328,500.