You investmented 2,000,000 with a hedge fund whose fee schedule is 2/20. The fund has a high-water-mark provision. The fund had a negative return of 10% in the 1st year and a positive return of 15% in the 2nd year. How much performance fee you are charged with in the 2nd year?

51,861.60

55,861.60 71,866.60 65,861.60