$1,000,000 of required capital is funded as follows: 90% ($900,000) by the investors (Limited Partners) and 10% ($100,000) by the operating (General) Partner. The agreement provides that available cash flow follows a promote (carried interest) waterfall structure and is distributed as follows: 1. 8% annual preferred return payable to all partners on their equity contributed 2. Return of capital contributed 3. Remaining available cash flow distributed 70% to investors (Limited Partners) and 30% to the operating (General) partner There is no cash flow available until the sale of the investment to distribute any cash. At the end of 1 year, the investment is sold and $2,080,000 is available for distribution to the limited and general partners. b. What is the promote payment payable to the General Partner