Roflnadal

Tax on inflation or inflation on tax, either way will work on exam, correct?

It seems CFAI has changed the way to answer those questions. I believe one way is more conservative(ending with a higher required return) than the other.

With 95% confident interval, I have got a mismatched required return with the answer. In other words, my expected return from the first 4 points(RR) is 0...need to make up from other place.