You examine an annuity of 5 payments, with the first payment occurring at the end of period 7 and the last payment occurring at the end of period 11. If you calculate the present value of an annuity, treating the payments as an ordinary annuity, the present value that you calculate in this example will be a value at the end of period 8 the end of period 11 the end of period 10 the end of period 6 the end of period 7