题目
A hedge fund charges 2 plus 20%. Investors want a return after fees of 20%. How much does the hedge fund have to earn, before fees, to provide investors with this return? Assume that the incentive fee is paid on the net return after management fees have been subtracted.
选项
A.27%
B.15%
C.21.6%
D.20%
答案
A
解析
If the return is X(>2%), the investors pay 0.02＋0.2(X－0.02) in fees. It must therefore be the case that X－0.02－0.2(X＋0.02)=0.2. so that 0.8X = 0.216 or X = 0.27. A return of 27% is necessary. 如果收益率X(>2%), 投资者要支付0.02＋0.2(X－0.02)的费用。 因此X－0.02－0.2(X＋0.02)=0.2，X = 0.27