An endowment fund is created by a wealthy family to increase urban participation in junior golf. The fund's board of trustees sets an annual spending range of 4% to 6% of total assets. The fund has spent 4%, 5%, and 6% during the past three years. Changes in the consumer price index are expected to be 1.1%, while changes in the prices of golf equipment are expected to be 2.2%. The fund's return objective is closest to:

A. 5.1%.

B. 7.1%.

C. 7.2%.

D. 7.9%.