问题如下：
3 Based on Exhibit 1 and Exhibit 2, the Yellow Wood Fund’s 2016 investment management fee is:
选项：
A.3.00%
4.20%
4.50%
解释：
B is correct.
The fund’s fee schedule includes a base fee of 1.50% and a 20% performance-based fee. The performance-based fee is applied after the base fee is deducted. The total fee is calculated as follows:
1.5% + [20% × (15% – 1.5%)] = 4.20%
从题目中什么信息知道，是根据“正的收益”就可以拿incentive？而不是对“超过benchmark的active return”部分才拿incentive？
如果是后者，那么列式：1.5% + [20%×（15%-14%-1.5%）] = 1.4% 呀
