Use the information in the following table to answer the question.

Note the fund started with 100 Net Asset Value at the start of 2012.

	2012	2013	2014	2015	2016	2017	2018	2019
Return	8.0%	4.0%	1.7%	-4.5%	9.7%	10.7%	-0.3%	-14.1%
Asset Value	108.00	112.36	114.27	109.18	119.82	132.64	132.27	113.64

1. Given the above hedge fund managers performance, which year(s) would the manager get paid on their high water mark? (1.5 marks).

2. Calculate the rolling 3 years average returns and identify which year(s) the managers get paid the high water mark? (1.5 marks).

3. Explain why managers are paid the high water mark during the years identified above (1 mark).

This is the only info I have