×
Log in to StudySoup
Get Full Access to Engineering Economy (1) - 16 Edition - Chapter 3 - Problem 3.31
Join StudySoup for FREE
Get Full Access to Engineering Economy (1) - 16 Edition - Chapter 3 - Problem 3.31

Already have an account? Login here
×
Reset your password

Marcia observed the following cash flow series (in$1000

Engineering Economy (1) | 16th Edition | ISBN: 9780133439274 | Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling ISBN: 9780133439274 207

Solution for problem 3.31 Chapter 3

Engineering Economy (1) | 16th Edition

  • Textbook Solutions
  • 2901 Step-by-step solutions solved by professors and subject experts
  • Get 24/7 help from StudySoup virtual teaching assistants
Engineering Economy (1) | 16th Edition | ISBN: 9780133439274 | Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Engineering Economy (1) | 16th Edition

4 5 1 307 Reviews
29
1
Problem 3.31

Marcia observed the following cash flow series (in$1000 units) in an accounting report at work. Theactual amounts in years 1 and 4 are missing; however,the report states that the present worth in year0 was $300,000 at an interest rate of 10% per year.Calculate the value of x.

Step-by-Step Solution:
Step 1 of 3

Paige DeWitt-Holub “Malthus Charles Dickens A Christmas Carol Scrooge D. Ricardo (1772-1823) “Iron Law of Wages” Classical Liberalism (1820-1870) Liberty Congress of Vienna, 1814-15 Legitimacy Napoleonic Code Careers Open to Talent Quadruple Alliance, 1815 Spain, 1820 Naples, 1820 Decembrist Revolt, 1825 Revolution of 1830 Chamber of Deputies Charles (1824-30) Louis Phillipe (1830-48) Belgium, 1830 Britain Birmingham William IV (1830-37) Reform Bill of 1832.”1 -Thomas Malthus managed to get his ideas to spread to the large contemporary society -A Christmas Carol by Charles Dickens and the connection of Scrooge to the writings of Malthus (first five minutes even make it apparent that the author’s intention was to ironically politicize a now popularly loved piece of writing) -David Ricardo (1772-1823) – parliamentary member for some time, central piece of philosophy, economics based in the “Iron Law of Wages” (states that the assumed minimal standard of living required in a payroll is simply a necessary cost to them, which would appear to be spending money to the classes higher than the middle class, would make all in the middle class to recreational and procreation) eventually wages will falter so poorly that the resources are used up, wages drop, and only return after much, much time and poverty and badness -“LIBERTY” : western European model – Enlightenment, French Rev. 1 Note that all quotes pieces are taken from the board of Professor Smith. -liberty is “the right to act within the world, with responsibility to know one- but oneself’ -“the right to make one’s own way in the world -“individualism”-Liberty vs. the aristocracies frivolities -philosophic ideas of undoing all(most) historical class inequalities -freedom of the press, etc…. -legal meeting group assembly for the middle/lower class (always ended up being a Constitutional Monarchy) -property rights to vote If you don’t have property, you won’t have the right to vote -Laissez-Faire -> ultimately leads to detrimental competition – no federal or state monopolies -“no foreign wars, tariff barriers” -social policy of individualism -> no social welfare, helping the “others” (find three points) Congress of Vienna (political legitimacy returned to the royal powers, not land restored but most other circumstances) -Britain, Russia, Austria, Prussia -France, returns to France, small reparation fees -Napoleonic Code – new states keep parts of this revolutionary ideascape -- new state based in the framework of merit -Piedmont Savoy - > given parts of France, and more northern** -Prussians are given the West bank of the Rhine River (best – raw coal, iron) -Britain wants to ensure the Mediterranean, to places like India (Suez Canal – 1869, not there yet) more Malta -Quadruple Alliance – treaty territory, no local wars until 1860 – no major wars in Europe until WWI -Congress of Vienna’s attempts to turn back the clock was unsuccessful in the endeavor to return to royalty, especially after the many revolutions, although that is what Vienna is running away from – “liberalism, democracy, nationalism” – war in violence -works well in Austria, Prince Metternich – tried to drown out rebellions in the universities -Spain overthrows the weak king and want a Constitution -.------ The Age of Constitutionalism -French wanted to swim overseas and tell the Spanish army not to overthrow the leaders -Naples, 1820 – Southern Italy is reorganized at the meetings in Vienna – group of men overthrow the king in Naples, Austrian troops then go back into Naples and reinstall the king to his “rightful” crown -only kings and emperors can make Constitutional amendments -British in the 1820’s are providing support to the uprisings in Latin and Southern American Spanish colonies in the favor of the markets that could be created or built upon -Alexander I, dead in 1825, Russia wanted a new Constitutional reconstructing – rebellion was not liberal and almost immediately crushed by Nicholas I -not afraid of violence (Decembrist Revolt, 1825) – History Professors and students revolt -societies were rural, maybe some intellectuals but mostly not feeling any share of power -France, Revolution of 1830. When France was put back together in 1815 -Chamber of Deputies, upper-middle class bankers/lawyers -Charles X (1824-30) wanted to return to absolutism, embraces the Catholic Church, limited tolerance for Jewish people and Protestants -mandatory holy days to observe in France -> Papal Jubilee – modern Catholic Church takes a tariff (mandatory offering) -1830 – political campaign in the Chamber of Deputies against Charles’s ideas – questionings -Charles IV (under his rights in the Constitutions) got rid of this chamber, same chamber created was renamed and then gotten rid of again, finally, the rules of voting were changed -the response was created in a way that looked like the protestors against Charles’s army looked like the revolution--- the small street alleyways were filled, Charles flees -Duke of Orleans – Louis Phillipe (1830 – 48), installed as new leader -some wanted a new leader – Republic -almost an identical problem is occurring in Belgium in 1830 – uprisings -Britain – middle class in Britain is large (~20%), seats in the Commons (lower) had not been redistributed since much earlier 17 th - population of middle class has shifted to the north -population correlation needed change in the Commons, demanded by these people eventually so the British began to wonder if this would travel to their part of Europe -government is a Tory (victor of Waterloo), extreme conservative – 1830 reform bill is introduced in the Commons, end of 1831 this bill is sent from Commons to the next house and fails resulting in much violent mob, Nottingham castle is burned to the ground, jailed at Darby are released, -Birmingham, the “political unions of lower and middle classes” – glassblowers, artisans, those with skills and the middle class discussing armies and revolts of power -William IV (1830-37), posed the idea of France’s king and desired to keep the royalty safe and sane -House of Lords rejected the bill…. Commonly today is more social but was much more serious then -William expresses his “concern” and the Bill is agreed upon after the plea to the House of Lords -Reform Bill of 1832 – the number of voters is expanded from 500,000 to 800,000 (not that big except that 1:5 Englishmen adults with property could vote) -143 seats were gotten rid of in the South and East of England, thus making this decision less monumental -these seats were collapsed in favor of Manchester, Birmingham, etc. -working class poor do not have real property -industrialists feel political influence is not until 1880 -1832 Reform Bill for Scotland, Industrial Revolution, about 1:8 adult men (about the size of the middle class) -Ireland (Belfast) about 1:20 men could enjoy freedom after the reforms -Belgium also felt this -again, not in Eastern and Southern Europe – Classic Liberalism then changed in the later nineteenth c. Opium Wars: -Asia, viewed Western goods as inferior, Opium (Morphine, Heroin), Opium grew naturally in parts of India and Afghanistan -British East Indies Company (circa 1601) – allllll trade -by 1773, 175 tons of opium sent to China, 250 tons by 1800s, second triangular trade after 1820’s opium from Indian to China, China to Britain (tea), Britain back to India would be some kinds of British textiles and machinery, -trade open up by the 1834, -First Opium War, 1839 – 42 -Southeast Chinese local government intercept the British shipment of opium and destroy it, British start a war, Chinese have to pay for destroying “private property”, Hong Kong – British seizure isn’t solved for centuries -HSBC (Hong Kong Shanghai Bank of Commerce) – 48 hundred tons per year -British formally leave the Opium Trade in 1879 – Chinese merchants start the opium in their own countries -Golden Triangle – Loas, Burma, China come together (‘nam) -27% of all adult men in China were addicted to Opium (epidemic) -1911 destabilization of China, the emperor of China is overthrown (25 years of Civil War), 1949 (Mao) Paige DeWitt-Holub 2/24 -Nationalism Johann Herder (1744-1803) Volk Volksgeist Revs. Of 1848 France Feb, 1848 National Workshops June Days 24-26 th Germanies Berlin, March Fred. William IV (1840-61) Frankfurt Assembly. 1848-49 Greater Germans Little Germans “A Crown From The Gutter” Constitution of 1850 3% 1/3 10% 1/3 87% 1/3 Junkers Chartists 1839, 1842, 1848 th -nationalism did not include much politics until the late 18 century/nineteenth century -national lists/nationalism origins are perhaps in the northern Germany area, a response to the French Revolution and the occupation of those surrounding territories -French nationalism centered in a reaction against the bougie French culture/Napoleon -nationalism in the ~19 English and French kingdoms are unlike the other experiences of central Europe -the Austrian empire (German speakers), Swedes, etc…. nationalism is a difficult equation, a group consensus in a literary world (same language) is made increasingly difficult in eastern Europe and even in central Europe -Johann Herder (1744-1803) – Protestant religious man from Germany, wrote “Ideas on the Philosophy History of Mankind” – ideas of the “volk (just ordinary people)” need to stem and be the foundational aspects of new society --------- cannot be a result of the French or German aristocratic sentiments -every person has a uniqueness about their volkness, or a Volkgeist (spirit of the people), if you will -German culture is different from all other centralized European countries, cultural not political -obviously gets really bad when you look on into the early to mid 20 century -definitely “Birth of the Nation State” – nationalism is an ever-changing and expanding upon philosophic standing -national/cultural traditions are country-constructed -Revolutions of 1848, a series of impromptu revolutionary strikes, (only other parallel could be the 1989 overthrow of communism), mostly in France, Spain, Berlin, Prague, Budapest, Peninsula (major cities everywhere) -middle, liberal class in western/central Europe, different in the central and eastern Europe about divisions the result of this: 1. 1846, Irish famines (blight anomaly exacerbated), food shortages, -2.Europe’s Industrial Economy is in about the most dismal state -3.Living conditions were getting worse by the middle of the nineteenth century (ex. Manchester’s struggles became everyone’s struggles) -4. Nationalist implications in Central Europe ----rulers were Austrian but everyone else beneath them, but the workers in the middle class of this century wanted the right to vote and have autonomy -before this, French laborers were still taunted and treated poorly -Louis Phillipe still ruling over France in the 1830’s-40’s and there is increasing acknowledgement of corruption, workers in England wanted one man one vote, mistake of the meeting of Louis Phillipe and ministers was to marginalize the middle and worker (lower) class to combine and become an unruly and dissatisfied group -there was a strike against the king’s policies around a royal theatre, although the day before the protests, King Phillipe outlaws the meeting of large groups in Paris -so… the middle class stay home, day 1 – substantial, day 2 – significantly louder, …. -> Louis Phillipe runs away with certain dignitaries to flee the scene -so, a group of leading protesters create a “provisional government” (3 members from the middle class and more) -“Employment Centers” – “National Workshops” in instated, some sort of, maybe pathetic, menial labor to sustain the population -“radical – utopian socialists” -about 1 million people in Paris but 120,000 people want in to the workshops in Paris -in April, the Provisional government sent in a new request for assembly members (1 vote per person, resulted in a conservative Parliament – middle class wary and comprise maybe 70%) -peasants elected to the assembly are not necessary begging for change just survival and meager living -eventually the workshops are overloaded with workers so they are eventually shut down which led to the June Days 24 -26 (about 20K men picked up weaponry (guns), rocks) -about 20 K men killed/wounded, about 20K shipped overseas or somewhere else **** really just the only experience of class warfare in the 19 century -the effects of which are felt throughout the continent, although the French are specifically wary of being targeted for their liberalism, so now many are worried about the conservative measures for economic benefit rather than the complaints of the masses… -after this, more determined social leaders, Marx…. try to impress -Germanies – revolution of the 1848 year has finally reached Berlin in March, not much industrialization, still very pastoral – small middle and working class -holds traditional liberalism/republicanism/social conservatism – in relationship to the nation and class -so in Berlin, the Parisian impact is resultant in a similar protesting spirit (King at the time is Fred. William IV, 1840-61, emperor in Vienna had been overthrown so he was worried about the trust in military rule) -so William authorizes a 1 man 1 vote for the assembly legislature in the area, the assemblymen were pretty revisionist, they liked to think of the idea of a 10 hour week week, the idea of a Constitutional political landscape is very appealing to them -the Frankfurt Assembly, 1848-49 – is an all-German assembly from all over central Europe there are delegates everywhere, professionals of all trades and businesses --- the discussion about a unified German estate was posed and the logistics of which were heavily discussed -Greater Germans – a faction that believed German speakers should have to be active members in this European state – Vienna was central -Frederick William was deemed a good person to lead the unified Germany by the Little Germans -at the beginning of 1849, the German daily life was restored and the majority of the assemblypersons were disassembled, then the delegates left votes to create the Constitution they just devised and they tried to propose the idea of King Frederick William IV - thanks but no thanks I can’t except “A Crown from the Gutter” – lower class rioting in Frankfurt, then the rest decided to remain peaceful and disobedient -Constitution of 1850, by Frederick pulls up a document of a Constitution for the Prussian -> “Reichstag” – everyone voted in a chunk – highest 3% $$ got to have a third of the say, next 10% to a third, and finally the 87% got the last third -so the initial winners “Junkers” people in western Prussian who owned plantation-like set-ups in Prussia of great aristocracy – 18 century partnerships between those who might have connections to them -“The People’s Charter” 6 insistent: 1. 1 vote per man 2. no prerequisite for serving in assembly 3. annual Parliament elections 4. equal Parliament representation always 5. necessary secret ballots (no more biased spying on voters) 6. salaries for Parliamentary participants (so ordinary people can participate in politics without dying from decreasing their previously livelihood) -some of those discussions were facilitated by women, all over the British Isles, about 6 million signatures (about half a number representing all qualified men in England), delivered them all around in an effort to ensure that this is either a protest or a rhetoric -so the British people are prepared with heavy defensive military, most disrupters arrested but these 6 requirements from “The People’s Charter” are initiated in the late 19 century -1 term in the HR, family gets health insurance for life, fat pensions -modern debate of the proper role of caucuses in assembly meetings

Step 2 of 3

Chapter 3, Problem 3.31 is Solved
Step 3 of 3

Textbook: Engineering Economy (1)
Edition: 16
Author: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
ISBN: 9780133439274

Other solutions

People also purchased

Related chapters

Unlock Textbook Solution

Enter your email below to unlock your verified solution to:

Marcia observed the following cash flow series (in$1000