| It's a combination of things. And unfortunately it's not one of the simplier ones. The first thing you need to do is get a net cash flow for each year. (Some negative.) Just from glancing at it, you'll end up with 4 different time periods you have to deal with. And technically, they are annuities within those time periods. (Equal amounts at equal time periods are annuities.)
To do them as annuities. you'd have to figure the present value it would be at the beginning of the time period, and then figure the present value of that, as a non-annuity for the period in between.
For instance, years 6-10. You can do that as an annuity, which gives you the present value at the beginning of year 6 for the 5-year period. But then you have to figure out a lump sum (non-annuity) present value for the first 5 years to back it up to the current time. If you think of it from the "what else can we do with this money" point of view, if you put x amount of money into something at 12% and just let it sit, how much would it be after 5 years have gone by? And then if you took that amount and let it sit another 5 years, but also added an equal amount to it for another 5 years, how much would end up with? (You can't answer -- just a way to think about it going forward.) So that's two separate things: one lump sum, and one annuity. (If that's what you mean by "deferred" -- "deferring" the annuity, then yes. Just not sure I've heard a technical term for it.)
If that's too confusing, you can just do each year individually as a lump sum. 40 times. | 
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