torontoanalyst

^ I agree with the reasoning of smithyse but in most of the answer keys i have seen uses R/(1-t) + inflation

So I think instead of adding, multiplying the inflation would be the safest way to go.

For example, [(1+R)*(1+I)/(1-T)] -1 would be give the same answer as [(1+R)/(1-T)*(1+I)] -1