NO.PZ2021103102000048
问题如下：
United Capital is a hedge fund with $300 million of initial capital. United charges a 1% management fee based on assets under management at year end and a 20% incentive fee based on returns in excess of an 8% hurdle rate. In its first year, United appreciates 10%. Assume management fees are calculated using end-of-period valuation. The investor’s net return assuming the performance fee is calculated net of the management fee is closest to:
选项：
A.9.98%
解释：
投资者的净回报率为8.72%，计算如下：
年终资产价值 = $300 m × 1.10 = $330 m
管理费 = $330 m × 1% = $3.3 m
门槛收益 = $300 m × 8% = $24 m
奖励费 = ($330 m − $300 m − $24 m − $3.3 m) × 20% = $0.54 m
总管理资产的费用 = ($3.3 m + $0.54 m) = $3.84 m
投资者净回报率：($330 − $300 − $3.84)/$ 300 = 8.72%
请问($330 m − $300 m − $24 m − $3.3 m) × 20% = $0.54 m这一步减去的3.3就是题目里说的net of manage fee的意思吗？
如果不说这句话是不是就不用减去这个管理费了
