
Ultimate access to all questions.
An analyst gathers the following information about a hedge fund's fee structure:
| Assets under management (AUM), beginning of period | $80 million |
|---|---|
| Management fee, based on year-end AUM | 2% |
| Incentive fee | 20% |
The management and incentive fees are calculated independently. If the hedge fund generates a gross return of 25%, the assets under management after fees at the end of the period are closest to: