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Like I said, I dont have ‘05, but from your original post, it seems that you are in begining of yr 0 for Yeo and you are at the end of yr 0 for Carvalho. So yes, the starting point is different.
Yeo plans to make a donation “BEGINNING ONE YEAR FROM NOW”
It is begining of year 0 … so the donation will be at the BEGINING of year 1
you are asked to calculate return for year 1
Carvalhos just bought a house with WITH THE FIRST ANNUAL PAYMENT DUE ONE YEAR FROM NOW.
so one year from now (end of yr 0) is end of yr 1.

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