11 The Axe Capital Fund begins the year with $2 billion of assets under management (AUM). Fund manager Bobby Axelrod charges a 2% management fee (based on ending AUM) and a 20% incentive fee, which subject to a 5% hard hurdle rate and calculated net of the management fee. At the end of the year, the fund's value has increased by 17%. The total amount of fees earned by Bobby Axelrod for that year's performance is closest to: A. $85 million. B. $95 million. C. $105 million