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0. BMB Capital is a hedge fund with a portfolio valued at $500,000,000 at the beginning of the year. One year later, the value of assets under management is $555,500,000. The hedge fund charges a 2% management fee based on the end-of-year portfolio value as well as a 15% incentive fee. If the incentive fee and management fee are calculated independently, the effective return for a hedge fund investor is closest to:
7.21%.
7.55%.
11.1%.
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