Which of the following institutional investors most likely must spend a target percentage of the portfolio annually? A. Endowments.
B. Life insurance firms.
C. Property and casualty insurance firms.

Endowments

Explanation:

The institutional investors that most likely must spend a target percentage of the portfolio annually is the endowments.

Endowment fund refers to the long term fund that is used for perpetual operations and usually set up by colleges or in hospitals

The fund then covers the expenses relating to provision of services for the students. A portion of the endowment is allowed to be use for every fiscal year.

answer; property tax payment made in july and december;

answerindividual preferences are not revealed in the market for the good;