Manor Endowment (ME) funds medical research. ME has an average

spending rate of 5.3% over the past three years, while inflation has

averaged 1.6%. The endowments portfolio generated a 19% return last

year. For the upcoming year, MEs return objective is closest to:

a. 5.3%

b. 6.9%

c. 12.7 %

d. 19% (incorrect already confirmed)