The present value of an annuity with the first payment starts 10 years from today can be calculated in two steps:

(1) Using the PV of an ordinary annuity formula calculate the present value of the annuity at _____

(2) then discount back the answer found in part 1 to time zero by calculating the present value of this amount using single cash flow PV formula PV = FV / (1+i)^n

Select one

A. the end of year 8

B. the start of year 9

C. the end of year 9

D. the end of year 10