Bridgewater Associates is one of largest hedge fund firms in the United States. Bridgewater now holds $360 billion in its hedge fund account. Bridgewater charges a 2% management fee based on assets under management at year end, and a 20% incentive fee. In its first year, Bridgewater appreciates 19.20%. Calculate the investors net return. Assume that management fees are calculated using end-of-period valuation, the performance fee is calculated net of the management fee, and no hurdle rate on its performance.

A. 13.45%

B. 17.25%

C. 21.25%

D. 24.65%