Hedge Fund has a $2$ and $20$ fee arrangement, with no hurdle rate and an NAV of $$100$ million at the start of the year. Assume that management fees are computed on start$-$of$-$year NAVs and are distributed annually, gross returns are separately $5\%,$

$-10\%,15\mathrm{.}6\%,$ from first year to third year. Find ending NAV and ending HWM$.[$hint: HWM is the highest ending Net Asset Value $($NAV$)$ during the investment period$]$