You are given the following information for a hedge fund with high watermark requirement and a fee structure of 1 and 20. Based on the available information, please complete the following parts.

Calculate the return for each year and also decide the high watermark;

Calculate the management fee in dollars, assume it is 1%;

Calculate the incentive fee net of management fee in dollars;

Lastly calculate the net returns to the investors. You may show full workings in the space below or use an excel file to answer it (and submit through excel link).