Reference no: EM132408796

1. Mr. and Mrs. Claiborne, both age 40, have provided their financial planner with the following information:

Statement of Financial Position

Cash                                                                       $4,000

Credit Cards                                                            $25,000

Traditional IRA                                                         $25,000

Student Loans Outstanding                                        $20,000

Investments                                                            $40,000

Personal Residence Mortgage Outstanding                  $200,000

Personal Residence                                                  $240,000

Statement of Cash Flows

Annual Income                                                        $250,000

Annual Expenditures:

Housing Payments (PITI)                                          $25,062

Credit Card Payments                                              $10,000

Student Loan Payments                                            $5,000

What is Mr. and Mrs. Claiborne's net worth?