Q1.Hedge fund AlphaBeta has a NAV of $1 million and a zero balance in its cumulative loss account on January 1, 2016.Now suppose AlphaBeta's annual performance (net of management fees) is + 13.9% in 2016, +12.6% in 2017, and -19.1% in 2018.AlphaBeta charges a 20% performance fee.Based on the high water mark reached in 2017, what minimum percentage gain the does the fund need to achieve in 2019 before performance fees can be taken again?