You are given the following information about a new venture capital fund that is forming: (a) Committed capital = $2.4 billion; (b) Management fee: 2.0% of committed capital; (c) carried interest rate: 20%, so limited partners share of profits = 80%, general partners share = 20%; (d) one-third of capital ($800 million) is called after the fund closes, and another one-third is called after year 1 (beginning of year 2). If the value of investments made by the VC funds managers increases by $90 million in year 1 and by $120 million in year 2, but none of the investments are realized (sold), calculate the following:

a. Cumulative invested capital at inception (end of year 0)

b. Fund Net Asset Value, end-of-year 1

c. Cumulative invested capital at end of year 1 (beginning of year 2)

d. Fund Net Asset Value, end-of-year 2