Before tax returns Vol 2 question 6a Schweser Exam 2

Can someone please explain why you wouldn’t calculate before tax with inflation. I.e. the required return was 3.53% and they claculated before tax without including the inflation of 3.5% (3.53/(1-.25)) Wouldn’t yu have to calculate it something like this 3.53+3.5/(1-.25)?? I’m stumped.