Hedge fund X is currently managing a portfolio worth of $500 mil. The fund has a typical two and twenty fee structure. According to the Black-Scholes formula, the value of the incentive scheme is $53.93, i.e., c = $53.93. What is the expected total fee (in %) of this fund?

1. A. None of the options provided.
2. B. 10.79%
3. C. 12.79%
4. D. 2.16%
5. E. 4.16%