Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Leif is in his late 40's and has a solid career and good salary. He owns a home worth $200,000, but still has a 15-year

Leif is in his late 40's and has a solid career and good salary. He owns a home worth $200,000, but still has a 15-year mortgage balance of $63,000. Over the last 20 years, he has invested regularly each year by dollar cost averaging and putting $2,000 into a no load mutual fund. This fund has paid 10% annually over that time. He owns a car worth $17,000 and a fishing boat worth $12,000. His monthly expenses in his budget (for utilities, mortgage, interest, insurance and taxes) are $2,450. He has kept his other expenses low. Determine Leif's approximate Net Worth.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance Applications And Theory

Authors: Marcia Cornett, Troy Adair, John Nofsinger

5th Edition

1260013987, 9781260013986

More Books

Students also viewed these Finance questions

Question

Identify ways to increase your selfesteem.

Answered: 1 week ago