c$.$ What would the annual incentive fee be worth if the fund had no high water mark and it earned its incentive fee on its return in

excess of the risk$-$free rate? $($Treat the risk$-$free rate as a continuously compounded value to maintain consistency with the Black$-$

Scholes formula.$)($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

Annual incentive fee

d$.$ Recalculate the incentive fee value for part $(b)$ now assuming that an increase in fund leverage increases volatility to $45\%.($Do not

round intermediate calculations. Round your answer to $2$ decimal places.$)$

Annual incentive fee