Luciano Sold a Property and Is to Receive $14 200

question 45

Essay

Luciano sold a property and is to receive $14 200.00 in nine months, $14 000.00 in 42 months, and $15 500.00 in 57 months. The deal was renegotiated after six months at which time Luciano received a payment of $17 000.00; he was to receive a further payment of $19 000.00 later. When should Luciano receive the second payment if money is worth 10% compounded quarterly?

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Definitions:

Philadelphia's Artisan

Refers to skilled craft workers who produce handcrafted goods or engage in trades in Philadelphia, a city with a rich history of craftsmanship.

Democratic Politics

The practice and principles of democracy in the political sphere, emphasizing participation, competition, and representation.

State Constitutions

The fundamental legal documents establishing the governance structure of individual states within a federation.

Property Qualifications

Historical requirements that limited voting rights and political participation to individuals who owned property or met certain wealth criteria.