Mike and mary jane lee have a yearly income of $84 comma 715 and own a house worth $123 comma 700, two cars worth a total of $ 23 comma 157 and furniture worth $13 comma 825. the house has a mortgage of $66 comma 250 and the cars have outstanding loans of $2 comma 793 each. utility bills, totaling $215 for this month, have not been paid. calculate or use worksheet 4 to determine their net worth and explain what it means. how would the lees' age affect your assessment of their net worth?

Suppose you win a small lottery and have the choice of two ways to be paid: you can accept the money in a lump sum or in a series of payments over time. if you pick the lump sum, you get $2,950 today. if you pick payments over time, you get three payments: $1,000 today, $1,000 1 year from today, and $1,000 2 years from today. 1) at an interest rate of 6% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 2) at an interest rate of 9% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 3) years after you win the lottery, a friend in another country calls to ask your advice. by wild coincidence, she has just won another lottery with the same payout schemes. she must make a quick decision about whether to collect her money under the lump sum or the payments over time. what is the best advice to give your friend? a) the lump sum is always better. b) the payments over time are always better. c) it will depend on the interest rate; advise her to get a calculator. d) none of these answers is good advice.