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A hedge fund manager has an incentive fee benchmark of the 10-year Treasury, which is currently running at 2.5%. In their first year of operation,

A hedge fund manager has an incentive fee benchmark of the 10-year Treasury, which is currently running at 2.5%. In their first year of operation, they lost 20% of the $175 million that they were managing. What dollar amount would they need to reach (assuming no new deposits) in order for them to crest above their highwater mark?

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