How does a team calculate its initial velocity during its first PI Planning meeting when...

Assign 8 points per team member (not counting the Scrum Master and Product Owner) and subtract 1 point for each holiday or vacation day.

It is not recommended to calculate velocity until the team has completed its first PI.

Allow teams to establish their own velocity and then roll them up to calculate the velocity of the train.

Assign 10 points per team member (not counting the Scrum Master and Product Owner) and subtract 1 point for each holiday or vacation day.