An analyst gathers the following information about a hedge fund: | Beginning-of-year assets under management (AUM) | $350 million | |-----------------------------------------------|--------------| | Management fee, based on year-end AUM before fees | 2% | | Incentive fee | 20% | | Hard hurdle rate | 5% | | Annual return before fees | 10% | If the incentive fee is based on returns net of management fees, the incentive fee (in $ millions) is: | Chartered Financial Analyst Level 1 Quiz - LeetQuiz