DEF Hedge Fund had $500 million in assets at the beginning of Year 1. The fund charges a 20% incentive fee, subject to a high-water mark of $500 million. The fund returned -10% at the end of Year 1, and 20% at the end of year 2. What incentive fee, if any, did the fund manager earn at the end of Year 2? $8M $120M $90M Zero