To determine Kevin's net worth on May 31, 2013, we need to calculate both his total assets and his total liabilities. Then, we subtract the total liabilities from the total assets to find his net worth.
### Step 1: Calculate Total Assets
We are given the following asset values:
- Cash: \[tex]$1,200
- Stocks: \$[/tex]500
- Car: \[tex]$11,000
- Guitar: \$[/tex]500
To find the total assets, we simply add up these values:
[tex]\[ \text{Total Assets} = \$1,200 + \$500 + \$11,000 + \$500 = \$13,200 \][/tex]
### Step 2: Calculate Total Liabilities
We are given the following liability values:
- Student loan: \[tex]$1,200
- Rent: \$[/tex]950
- Car loan: \[tex]$7,000
To find the total liabilities, we add these values:
\[ \text{Total Liabilities} = \$[/tex]1,200 + \[tex]$950 + \$[/tex]7,000 = \[tex]$9,150 \]
### Step 3: Calculate Net Worth
Net worth is calculated as the difference between total assets and total liabilities:
\[ \text{Net Worth} = \text{Total Assets} - \text{Total Liabilities} = \$[/tex]13,200 - \[tex]$9,150 = \$[/tex]4,050 \]
### Final Answer
Therefore, Kevin's net worth on May 31, 2013, is [tex]\(\$4,050\)[/tex].
So the correct option is:
[tex]\[ \$4,050 \][/tex]
