A hedge fund charges 2% management fee and 20% incentive fee with a high-water mark. The fund's NAV was $200 million at the start of Year 1, rose to $240 million by year-end (before fees), dropped to $210 million by end of Year 2 (before fees), and rose to $260 million by end of Year 3 (before fees). The incentive fee for Year 3 is closest to: