Phil owns a house, which has a market value of $900,000. This is his only real asset. He also owns shares in companies with a market value of $400,000, $200,000 worth of government and corporate bonds, and has $100,000 deposited in a bank. Phil owes $500,000 on his mortgage but has no other debts.

What are the values of Phil's financial assets; his total assets; his net financial assets; and his net worth, at current market values?

$1,600,000; $700,000; $400,000; $1,000,000.

$900,000; $1,600,000; $100,000; $700,000.

$700,000; $1,600,000; $1,100,000; $700,000.

$700,000; $1,600,000; $200,000; $1,100,000.

$1,600,000; $2,100,000; $400,000; $1,000,000.