Zubov case - 2017 mock AM

The answer says annual total return objective of 7 to 7.5 % is appropriate. The case has 4% annual contribution, 1% inflation, growth 2.5%, 0.65% management expenses. It adds up to 8.15%. The text is not matching the answer. Anything wrong?

Inflation is captured in Expense growth

Yes. Now I see it. Thank you.

Good trick by CFAI