Suppose a hedge fund has a 2 and 20 fee arrangement and a net asset value (NAV) of $150 million at the beginning of the year. The high-water mark was $160 million at the beginning of the year. The NAV increased to $190 million at the end of the year, before fees. If management fees are distributed annually based on the NAV at the beginning of the year, what are the total annual fees including both management and incentive fees for this year? A. $3.2 million B. $5.4 million C. $8.4 million D. $11.2 million