Because the funding goal is to maintain the after-tax real value of the portfolio (after donation) doesn’t grossing up the cash needs to determine amount that can’t be donated (95,275 / 0.0275) not achieve the goal of maintaining the real value of the portfolio? It appears only the funding goal is met but not the goal of maintaining the real value of the portfolio.
Mr moosey claimed there was a major problem with this question a few days ago… and it was explained here:
https://www.analystforum.com/forums/cfa-forums/cfa-level-iii-forum/91371635