To determine the lawyer's net worth, we need to calculate the total assets and the total liabilities, then subtract the total liabilities from the total assets.
Step 1: Calculate Total Assets
The assets listed are:
- Car Value: [tex]$19,280
- Savings Account Balance: $[/tex]15,765
- Season Baseball Tickets: [tex]$10,340
- Checking Account Balance: $[/tex]5,782
- Home Value: [tex]$259,400
Adding these up:
\[ \text{Total Assets} = \$[/tex]19,280 + \[tex]$15,765 + \$[/tex]10,340 + \[tex]$5,782 + \$[/tex]259,400 \]
Step 2: Calculate Total Liabilities
The liabilities listed are:
- Car Loan: [tex]$20,821
- Student Loans: $[/tex]25,876
- Credit Card Balance: [tex]$15,900
Adding these up:
\[ \text{Total Liabilities} = \$[/tex]20,821 + \[tex]$25,876 + \$[/tex]15,900 \]
Step 3: Calculate Net Worth
The net worth is calculated as:
[tex]\[ \text{Net Worth} = \text{Total Assets} - \text{Total Liabilities} \][/tex]
Given the calculations are:
[tex]\[ \text{Total Assets} = \$310,567 \][/tex]
[tex]\[ \text{Total Liabilities} = \$62,597 \][/tex]
Therefore:
[tex]\[ \text{Net Worth} = \$310,567 - \$62,597 = \$247,970 \][/tex]
So, the lawyer's net worth is \[tex]$247,970.
From the given options, the correct answer is \$[/tex]247,970.
