What is the net worth of a customer with the following personal balance sheet?
Cash $20,000.
Municipal bonds $75,000.
401(k) account value $150,000.
Salary $80,000 per year.
Cars $30,000.
Home $250,000.
Miscellaneous (jewelry, etc.) $50,000.
Personal loan $10,000.
Car loan $20,000.
Mortgage $150,000.
Monthly mortgage payment $1,500.
A) $245,000.
B) $473,500.
C) $395,000.
D) $95,000.
Answer: C) $395,000.