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Two Sigma Investments established a high - water mark of $ 1 5 2 . 5 0 billion two years ago. Its end - of

Two Sigma Investments established a high-water mark of $152.50 billion two years ago. Its end-of-year value before
fees for last year was $151.85 billion, and this year's end-of-year value before fees is $160.15. With the fee structure of
1.5 and 15, what is the total fee paid this year? Assume that its management fees are paid independently of incentive
fees and are calculated on end-of-year values.

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