An analyst evaluates a hedge fund with the following details:

• Beginning-of-year assets under management (AUM): €200 million
• Management fee (based on end-of-year AUM before fees): 1.5%
• Incentive fee: 20%
• Hard hurdle rate: 5%
• Annual return before fees: 15% If the incentive fee is calculated net of management fees, the total fees for the year are closest to: