A fund of funds equally divides its money between five hedge funds that earn the following returns before fees in a particular year. The fund of funds charges 1 plus 5% and the hedge funds charge 2 plus 15%. The hedge funds' incentive fees are calculated on the return after management fees. The fund of funds incentive fee is calculated on net (after management fees and incentive fees) average return of the hedge funds in which it invests and after its own management fee has been subtracted. What is the overall return on the investments? How is it divided between the fund of funds, the hedge funds, and investors in the fund of funds