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Grr IPS retrun Calc Before Tax

I have been operating on the formula for IPS retrun Calc of


Lets say real return needed is 5% there is a tax rate of .20 and inflation is three percent


I have been

.05/(1-.2) + .03 = .0925


I just saw in my notes (which i think is wrong)


(.05+.03)/.80 =.10....



Which is the right way? The first?

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