Step 1: After implantation the chorionic villi mature in stages: primary villi around day 13, secondary villi around day 16 and tertiary villi (containing fetal vessels) around day 21.
Step 2: Once tertiary villi carry functioning fetal capillaries and the fetal heart begins to beat (around day 21 to 22), true fetoplacental circulation is established.
Step 3: Hence option B, day 20 to 22, is correct. Day 7 marks early blastocyst attachment, day 11 to 13 corresponds to lacunar and primary-villi events, and day 25 to 26 is later than the recognised milestone.