Question: Could u explain the red circle - - - for the payments starting at time 5 , at t = 0 , it is divided

Could u explain the red circle---for the payments starting at time 5,at t=0,it is divided by 1.05^4but not divided by 1.05^5?As the payment started at time 5,i dont understand why is it divided by 1.05^4
Could u explain the red circle - - - for the

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