Hedge fund incentive fee计算问题 values, before

isominia

Notes2013 P3011.A high water mark of 150 million was eastablished 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.4.1million   C.6.1million
选B 答案中给出的incentive fee 的公式是=（155-150）*0.2=1 但不应该把management fee3.1million 从155中减去吗？即incentive fee=（155-150-3.1）*0.2=0.38million？ 注意：我不是在纠结选项 我是在纠结incentive fee 的算法。
cfaspace alternative 课上讲解的例题
2.United Capital is a hedge fund with $250 million of initial capital. United charges a 2% management fee based on assets under management at year end, and a 20% incentive fee based on returns in excess of an 8% hurdle rate. In its first year, United appreciates 16%. Assume management fees are calculated using end-of-period valuation. The investor's net return assuming the performance fee is calculated net of the management fee is closest to:
A. 11.58%.   B. 12.54%.  C. 12.80%.
这题选B 答案给出的算法是
Management fee=$290 x 2%=$5.8 million
Hurdle amount=8% x $250 =$20milliom
Incentive fee=($290-$250-$20-$5.8) x20%=$2.84 million Total fees to United Capital=$5.8+$2.84=8.64 million
Investor net return$290-$250-$8.64)/ $250=12.54%
因此这道题在算incentive fee的时候是把management fee减掉的（搞得我非常confused）。而且他hurdle amount是用initial capital 250 million来计算的，而非290million来算的。这是为什么？不是说了end-of-year计算方法吗？