2007 exam AM question 5a

Does anyone know why inflation isn’t included in this question for the calculation of the return objective? Thank you in Advance

I think the key phrase in the question is " CU expects a similar dollar level of endowment support, indexed to inflation IN ITS COSTS, in future years." In its costs is the tricky phrase. I would have definitely gotten this wrong.

You use the inflation in the universities operating expenses in lieu of the CPI. For endowments the relevant rate of inflation can be diff from the CPI, as it is the rate of expense growth for the activities or expenses the endowment funds.

How can I get a copy of all the old CFA tests that are floating out there that aren’t on the CFA website? I would greatly appreciate anyone who can email me whatever they’ve got. My email address is: bin.laden.a.goner@gmail.com Thanks a lot.