Question

Katherine Kocher has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $38,550. What is the value of her personal possessions

Answer 1

Katherine Kocher

The value of her personal possessions is:

$171,900

Step-by-step explanation:

a) Data and Calculations:

Checking account = $850

Savings account = 1,200

Home value = 98,000

Furniture & appliances 12,000

Home computer/laptop 3,300

Car 12,500

Investments:

Mutual fund 5,500

Retirement account 38,550

Total value = $171,900

b) Katherine's personal possessions include all her personal assets. Her net worth will be the difference between all her personal assets and her personal debts or liabilities.