Melvin Funds is a hedge fund with $50,000,000 of initial capital (assets under management) beginning its first year of operations. The firm charges a 2% management fee based on assets under management at year end. It also charges a 10% incentive fee based on the firm's increase in its assets under management determined at year end. In its first year, Melvin Funds reported a 20% return on its capital. Assume you are an investor in Melvin Fund's hedge fund. What would your effective return be for the 1st year?