Tuscin Capital is a hedge fund with an initial investment capital of $ 100 million. In its first year, the fund earns a return of 30 %. The fund charges a 2 % management fee based on assets under management at the end of the year and a 20 % incentive fee

Tuscin Capital is a hedge fund with an initial investment capital of $ 100 million. In its first year, the fund earns a return of 30 \%. The fund charges a 2 \% management fee based on assets under management at the end of the year and a 20 \% incentive fee with a hurdle rate of 4 \%. The ending values of the fund (before fees for the current year) for the first 3 years are given below:
\begin{array}{l}
2009=$ 130 \text { million } \\
2010=$ 110 \text { million } \\
2011=$ 140 \text { million }
\end{array}

Other information:
A high-water mark provision applies; and The incentive fee is based on returns in excess of the hurdle rate and is calculated net of management fee.
Total fees for the year 2010 are closest to:

A $ 2.96 million.
B $ 2.45 million.

C $ 2.2 million.