QUESTION 5 At the start of the year, the value of assets managed by Bank Hedge Fund was $250 million. Over the year, the fund earned a gross return of 15% compared with the market index return of 10%. The fund manager charges a management fee of 1.50% of the asset value at commencement, and a performance fee of 20% above the market benchmark. Calculate the following information: a. The management fee is $ million. million. b. Excess dollar return above the market is $ c. Performance fee is $ million. million. d. Total fees earned by the manager over the year are $