A hedge fund analyst needs to determine the performance-based fees earned by the fund over the past two years. In this calculation, the management fees are based on the fund's asset value at the beginning of each year. The specifics of the fund are as follows:

• The management fee rate is 2%.
• The incentive fee rate is 20%.
• The initial asset value at the start of year 1 is USD 200 million.
• The asset return for year 1 is 20%.
• The asset return for year 2 is 10%.

What is the approximate total incentive fee collected by the hedge fund over the two-year period?