Answer:
The net worth is $100,000
Explanation:
The computation of net worth is shown below:
Net worth = Total assets - total liabilities
where,
Total assets = Condo + car + miscellaneous assets + mutual funds
= $240,000 + $25,000 + $7,500 + $27,500
= $300,000
And, the total liabilities equal to
= Owning a condo + car owned
= $185,000 + $15,000
= $200,000
Now put these values to the above formula
So, the answer would be equal to
= $300,000 - $200,000
= $100,000
The term life insurance policy is neither an asset nor a liability, so it would be not be considered in the computation part.
