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A hedge fund with $1.1 billion of assets charges a management fee of 3% and an incentive fee of 20% of returns over a money

A hedge fund with $1.1 billion of assets charges a management fee of 3% and an incentive fee of 20% of returns over a money market rate, which currently is 4%. Calculate total fees, both in dollars and as a percent of assets under management, for portfolio returns of: (Enter your answers in millions rounded to 1 decimal place.)

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\begin{tabular}{|c|c|c|} \hline Portfolio Rate of Return (%) & Total Fee ($ million) & Total Fee (%) \\ \hline a. 4 & & \\ \hline b. 0 & & \\ \hline c. 4 & \\ \hline d. 8 & \\ \hline \end{tabular}

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