1. A hedge fund has the following three-year NAVs: year 1, from $100 mm to 120 mm; year 2, year-end at 110 mm; and year 3 year-end at 140 mm. If the incentive fee is 20%, how much are the hedge fund fee (in $mm) in each of the three years (with high water mark provision, a hurdle rate 0, and no management fee)?