equity risk premium discrepancy macro model

When doing the CFAI mock they asked a question using the macro equity risk premium and it had (1 + inflation) x (1 + real growth) x (1 + g in P/E) -1 ) + exp income component - rfr.

When going over a schweser mock exam it was done a bit differently

The beginning portion was the same but their expected income compoent was the yield on the equity market index (including reinvestment) and then they did not subtract out the rfr. Should I assume this is a mistake or bc they said including reinvestment does that mean we do not need to subtract the rfr in that case? Any thoughts?