A hedge fund was valued at $$400$ million at the end of last year. At this year's end the value before fees was $$500$ million. The fund charges $"2-$and$-20"$ fees. Management fees are calculated on end$-$of$-$year values. Incentive fees are independent of management fees and calculated using no hurdle rate. The annualized net return is closest to:

$18\%$

$5\%$

$25\%$

$3\%$