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Sophia just graduated from college. She just sold the furniture from her college apartment for $450 in cash. She just deposited $2,700 in graduation money into her checking account and has $7,500 saved in her savings account from working part-time. She charged gas and groceries to her credit card that she hasn't paid off yet. The total balance on her credit card is $179. Sophia has driven the same car since high school that is valued at $3,254. She doesn't have an auto loan. Her total student loan amount after graduating is $54,178. What is Sophia's net worth? (Do not include the $ sign or commas in your answer).

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anthougo

Answer:

Sophia's Net Worth

Sophia's net worth is:

=  ($40,453).

Explanation:

a) Data and Calculations:

Assets:

Proceeds from sale of furniture = $450

Checking account deposit =         2,700

Savings account                            7,500

Car                                                 3,254

Total assets                               $13,904

Liabilities:

Credit card                                     $179

Student loan after graduating   54,178

Total liabilities                         $54,357

Sophia's net worth =             ($40,453)

b) Sophia's net worth is in the negative because of the student loan.  This implies that she is in debt.  A negative net worth simply means that Sophia owes more than she owns.  In other words, Sophia's liabilities exceed her assets' value.

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