A high water mark of ￡150 million was established two years ago for a British

hedge fund. The end-of-year value before fees for last year was ￡140 million. This

year’s end-of-year value before fees is ￡155 million. The fund charges “2 and 20.”

Management fees are paid independently of incentive fees and are calculated on

end-of-year values. What is the total fee paid this year?

A. ￡3.1 million.

B. ￡4.1 million.

C. ￡6.1 million

答案选B，但是按照例题中的计算方法，应该是

155*2%+（155-150-155*2%）*20%=3.48啊

期待各位大牛解惑！感谢！