Consider the set of monthly unit prices in Happy Ending Hedge Fund in the following table: Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 $2.40 $2.80 $2.20 $2.80 $3.60 $3.00 The fund charges a performance fee of 20% of absolute positive returns but is subject to a high watermark test. The fee is levied on a monthly basis. (a) Calculate the performance fee the fund has earned per unit in dollar terms in month 3. (1 mark) (b) Now calculate the performance fee earned per unit in dollar terms if the fee is levied on a six-month basis. (1 mark) (c) Do you think it is in the best interests of the investors of the fund if the fund moved to charging the performance fee on a daily basis? Explain your answer. (1 mark)