Why do you discount the terminal value stock value with n number of years of high growth years?

For example, if dividend is $1 and will increase 10% each year for the next 10 years and then 5% in perpetuity, the dividend on the 11th year is 1*(1.1)^10*(1.05) = 2.72

Assume required equity return is 7%. CFAI says present value is 2.72/(1.07)^10.

Shouldn’t that be (1.07)^11 because the dividend payment happens in year 11?

At the end of year 10 (after just receiving the last dividend from the high-growth phase) the present value of the constant growth phase (= terminal value) is

If on the other hand you are looking at the present value of just the single dividend payment made at the end of year 11, then you have discount it with n=11 (as the dividend is paid at the end of year eleven):