1. Raptor Capital is a hedge fund charging investors with $5 billion in assets under management (AUM) and applying the classic 2 x 20 fee structure from investors: 2% of assets under management and 20% of profits. In 2020, Raptor delivered gross returns of 10%. In addition, Raptor spends $50 million to run the fund (office, IT, research, back office, legal, and prime brokerage fees). On the basis of this information we can conclude that in 2020, Raptors partners will make a profit of:

   	a.	$50 million
   	b.	$200 million
   	c.	$150 million
   	d.	$100 million