问题如下：
The following information applies to Rotunda Advisors, a hedge fund:
• $288 million in assets under management (AUM) as of prior year-end
• 2% management fee (based on year-end AUM)
• 20% incentive fee calculated:
n net of management fee
n using a 5% soft hurdle rate
n using a high-water mark (high-water mark is $357 million)
• Current year fund return is 25%
The total fee earned by Rotunda in the current year is closest to:
选项：
A. $7.20 million.
B. $20.16 million.
C. $21.60 million.
解释：
A is correct.
Rotunda earns a management fee of $7.20 million but does not earn an incentive fee because the yearend fund value net of management fee does not exceed the high-water mark of $357 million.
Rotunda fees:
End-of-year AUM = Prior year-end AUM × (1 + Fund return) = $288 million × 1.25 = $360 million
$360 million × 2% = $7.20 million management fee
$360 million – $7.2 million = $352.8 million AUM net of management fee
The year-end AUM net of fees does not exceed the $357 million high-water mark. Therefore, no incentive fee is earned.
年底AUM=年初AUM*（1+增长率）=$288 million × 1.25 = $360 million
所以，管理费=$360 million × 2% = $7.20 million，因此扣除完管理费的年底净值=$360 million – $7.2 million = $352.8 million
由于有高水位的要求，之前高点为：$357 million，$352.8 million<$357 million,未达到要求，所以不发绩效奖。GP只能拿到管理费部分。
请问，遇见hurdle rate和 high water mark两个条件都有，计算incentive fee 需要都满足还是有先后顺序？
