Please complete the Net Worth Exercise below and submit the response as a WORD attachment:

Ted Riley owns a 2012 Lexus worth $40,000. He owns a home worth $275,000. He has a checking account with $800 in it and a savings account with $1,900 in it. He has a mutual fund worth $110,000. His personal assets are worth $90,000. He still owes $25,000 on his car, $150,000 on his home, and he has a balance on his credit card of $1,600. What is Ted's net worth? (Hint: calculate his assets and liabilities first)