Step 1: Distinguish two circulations: the uteroplacental (maternal) circulation forms early when trophoblasts erode endometrial vessels, while the fetoplacental circulation needs a beating fetal heart plus vascularised villi. Step 2: Track villus maturation - primary villi at about day 13, secondary at about day 16, and tertiary villi (containing fetal capillaries) at about day 21. Only tertiary villi can carry the fetal circulation. Step 3: The fetal heart first contracts and the fetoplacental loop is completed around the 21st to 22nd day, placing the answer in the 20 to 22 day band. Step 4: Day 7 is just blastocyst attachment, days 11 to 13 cover early uteroplacental circulation and primary villi, and day 25 to 26 is past the standard milestone, so option b is correct. \[\boxed{\text{20 to 22 days}}\]