At the first year an investor decides to invest $1.5 million in a hedge fund with an incentive fee of 15% and a hard hurdle rate of 4%. At the end of the year the fund has a return of 23.3%. A 2% management fee is charged on the AUM at the end of the year.

Calculate

1. Amount of management fee
2. Amount of incentive fee
3. The investors effective rate of return at the year end.