Jasmine Smith owns a condo worth $250,000,a car valued at $15,000,and miscellaneous assets worth $7,000.She owes $125,000 on the condo and $10,000 on the car and has no other debts.Her retirement account,in which she is fully vested,contains $28,000 in mutual funds.She was just insured with a $200,000 term life insurance policy.What are her total assets?

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Quizplus · Accepted Answer

Jasmine's total assets include her condo ($250,000), car ($15,000), miscellaneous assets ($7,000), and retirement account ($28,000). The life insurance policy is not considered an asset because it only pays out upon death. Therefore, her total assets are $250,000 + $15,000 + $7,000 + $28,000 = $300,000.

Jasmine Smith Owns a Condo Worth $250,000,a Car Valued at $15,000,and