NO.PZ202206140600000304
问题如下：
Using Exhibits 1 and 2 and incorporating the high-water mark feature, the fee for Fund ABC in Year 3 is closest to:选项：
A.4.15%. B.4.40%. C.4.55%.解释：
Solution
A is correct. The high-water mark feature requires the analyst to recover ABC’s 4% loss in Year 2, thus reducing the Year 3 return from 23% to 19%, and the total fee of 4.15% is calculated as follows:
B is incorrect. The error is omitting the deduction of the base fee from the adjusted high-water mark performance of 19%.
C is incorrect. The error is in not adjusting the return for the high-water mark from 23% to 19%.
如果第三年的return是1.12x0.96x1.23=1.322
减去high-water：1.322-1.12=20.2%
乘以share：20.2%x0.1=2.02%
加上base：2.02+2.5=4.52%
那最接近的应该是C吧？
