An analyst gathers the following data about a hedge fund:

• Assets under management: $1.5 billion at the beginning of the year
• Annual return: 20%
• Management fee: 2% of year-end valuation
• Incentive fee: 20%, net of management fees, with a 6% hurdle rate

If the incentive fee is applied to returns exceeding the hurdle rate, the total annual fees earned by the fund manager are closest to: