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A private equity fund investments $20 million in Project A that they exit in 12 months with $38 million. They invest $25 in Project B

A private equity fund investments $20 million in Project A that they exit in 12 months with $38 million. They invest $25 in Project B and exit in 12 months with $23 million. The carried interest rate is 23.00%. Calculate the carried interest.

A. $14.03

B. $4.14

C. $3.68

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