John has signed a contract with your wealth management firm to become your client. He brings $9 million in cash to your firm to manage. He agrees to the fee schedule below. Today is 9/16/2021 and that your firm charges management fees quarterly at the beginning of each quarter.

1. How much management fees should you charge John today? Show your work.
2. How much management fees should you refund John if he closes his accounts and leaves your firm on 9/26/2021? Show your work.

AUM	Annual fee rate
First $1 million	1.30%
$1 million - $3 million	1.00%
$3 million - $5 million	0.85%
Beyond $5 million	0.70%