Dynamo Capital is a hedge fund with $250 of initial capital. Dynamo charge a 2% management feee based on assets under management at year-end, and a 20% incentive fee based on returns in excess of an 8% hurdle rate. In its first year, Dynamo appreciates 14%. Assume management fees are calculated using end- of-period values. The investor's net return assuming the performance fee is calculated net of the management fee is closest to: 10.58% O 12.54% O 11.56% O 13.539 14.51%