It’s ten o’clock. They could have arrived now.
Does this “could have” indicates they “could have” but they didn’t? If my conclusion is correct, Are there anyother possible interpretations or not?
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The problem is that “now” is present tense, whereas “could have” is past tense.
What that sentence seems to be saying is that they could have arrived at this precise moment in the present, which negates the past tense of “could have”.
What you would actually say is:
They could have arrived by now.
If you were in the place of their possible arrival, awaiting them, then more idiomatically you would hear:
They could have been here by now.