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You manage a hedge fund with $1.5B in AUM. Your management fee is 1% annually, but you also earn an incentive fee of 20% of

You manage a hedge fund with $1.5B in AUM. Your management fee is 1% annually, but you also earn an incentive fee of 20% of returns above the S&P500s return. Assume that next year the S&P returns 8% and your fund returns 9%. What will your total fees be? Round to the nearest million dollars.

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