B) ABC Hedge Fund has $500M in assets under management at the start of period 1. The fund grows to $575 million at the end of period 1. At the end of period 2, the fund's value falls to $550 million. At the end of period 3, the fund's value rises to $560 million. Period 4 final valuation for the fund's assets is $590M. . Assume management fees are calculated using end-of-period valuation. Calculate the return to investors at the end of each period given a "2 and 20" fee structure with both a high-water mark provision and a hurdle rate of 3% imposed together for incentive fees. [11 marks]