An analyst at a hedge fund is estimating the incentive fees the hedge fund has earned over the last two years. The hedge fund documentation states that management fees are calculated based on the value of the fund's assets at the beginning of each year. The analyst has the following information about the hedge fund:

• Management fee: 2%

• Incentive fee: 20%

• Asset value at beginning of year 1: USD 200 million

• Return on assets in year 1: 20%

• Return on assets in year 2: 10%

Which of the following is closest to the total amount of incentive fees the hedge fund collects over the 2-year period?