The hedge funds AUM is $200 million. The fund has a typical two and twenty fee structure. The funds benchmark, Barclays Hedge Fund Index, showed a return of 15.5% for 2021, while the hedge fund itself was able to generate a return of 29.5% during the same period. How much fees does an investor in this hedge fund pay for the year 2021?

a.

2.00%

b.

2.20%

c.

4.80%

d.

7.90%