Hi I'm doing finance and I don't understand this question interms of the timeline. Could you please help.

1. * present value of an annuity of $50 received at the end of each year for 10 years, with the first payment to be received at the end of the 6^thyear

PV= $50x[1-(1.08)^-10 / 0.08] = $355.50

PV= 335.50 / 1.08^5 = $228.34 .*

This is the answer provided by a student on coursehero. But I don't understand the calculations on the second line of formula, why is it 1.08^5?

I understand the first line, its doing PV annuity for the payments for 10 years worth of interest, but whycalculate 5 when the question is asking for ending of every year for 6 years of the 10.It should be either 4 years or 6 years.

*so from day o to day 364 we get nothing because its year 0's end. But from day 365 to 728 we complete year one. Because end of year 10 would be one day before year 11. I'm really confused about the timeline and how they are getting to n=5 when theres 6 years difference. So which way should I look at it. If you technology allows you to draw, could you draw a timeline. thank you*

I want to understand the time line, I understand the formula and I understand its at the end of the year. This is the second time I'm asking this question on this tutor homework help tab.