2018 上午题真题 3-A

因为这道题的Operating expense是包含在Spending rate里的：

In Denom, foundations are tax-exempt if they meet a 5% annual minimum spending requirement, which includes operating costs but excludes management fees.

一般，对于目标是Support in perpetuity、并且Maintain the purchasing power的Endowment/Foundation，计算Required return时，公式是：

Required return = Spending rate + management fee + inflation

如果题目额外给了其他费用的数据，需要判断下是不是在以上的某个里面包含着，要注意题干的描述。计算Endowment/Foundation的Required return基本上不太会偏离上面公式。