Professor's Note: From this point on, this set of Concept Checkers contains several multi-part questions where questions "nest" on each other-meaning that you need the answer to one question to complete the next. Note that it is unlikely you will encounter this situation on the exam. We recommend that after you complete a question, you check your answer to ensure that you begin the next question with the correct information. Use the following information to answer Questions 13 through 21. The GP for the private equity fund charges a management fee of 2% and carried interest of 20%, using the first total return method. The total committed capital for the fund was $200 million. The figures in the table are in millions. Capital Called Down Paid-in Management Operating Capital Fees Results NAV Before Carried Distributions Distributions Interest NAV After Distributions 2004 60 60 1.2 -15 43.8 ? 43.8 2005 20 80 1.6 -20 42.2 ? 42.2 2006 10 90 1.8 30 80.4 ? 80.4 2007 20 20 110 2.2 50 148.2 ? 30 118.2 2008 2009 222 25 135 2.7 70 210.5 P 50 158.4 10 ? ? 120 ? P 90 ? 13. What is the paid-in capital