A hedge fund with $15 million in assets under management has a standard 2/20 fee structure and earns 8.0 percent this year. Assume that management fees are paid at the beginning of each year and performance fees are paid at the end of each year. Assume that the fund's fee structure also contain a high-water mark provision.

a. What is the management fee collected by the fund managers?

Management fee ________

b. What is the performance fee collected by the fund managers?

Performance fee _______

c. What is the investor's net return? (Round to 2 decimal places).

Investor return ________%