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.