a)

A hedge fund manager managing $100 million with a 2/20 fee structure with a high water mark feature and a high water mark of $100 million has a pre-fee return of 7% next year. What does the manager get paid? (answer in millions of dollars, so if the manager is paid $10 million, answer 10)

b)

A hedge fund manager managing $100 million with a 2/20 fee structure with a high water mark feature and a high water mark of $110 million has a pre-fee return of 7% next year. What does the manager get paid? (answer in millions of dollars, so if the manager is paid $10 million, answer 10)