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A venture capital fund manager raised $75 million in committed capital. $25 million was actually invested in start-ups in Year 1, and an additional $15

A venture capital fund manager raised $75 million in committed capital. $25 million was actually invested in start-ups in Year 1, and an additional $15 million was invested in start-ups in Year 2. The management fee was set at 2%. What management fees did the limited partners pay in Years 1 and 2, respectively?

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