After finishing some research, you have decided to invest $20 million at the beginning of the year into a hedge fund, which charges a management fee of 2.5% and an incentive fee of 21% with a 7% hurdle rate. At year end the value of the investment is $23.2 million. The incentive fee is calculated net of the management fee and the management fee is based on the year end value. What is the net of fees return you have earned?