An investor allocates $10 million at the beginning of the year to a hedge fund charging a management fee of 2% and an incentive fee of 20% with a 6% hard hurdle rate. At year-end the value of the investment is $11.8 million. The incentive fee is calculated net of the management fee and the management fee is based on the year-end value. The net-of-fees return the investor earned is closest to: | Chartered Financial Analyst Level 1 Quiz - LeetQuiz