老师您好：
问题：1.这道题的解释是由于对比高水位357，按照严谨的解释应该和357*（1+5%）做对比吧（因为题目中提到了5%soft hardle rate）？
2.拓展一下，假设减去管理费后的值大于357*105%，
（1）那么soft hurdle rate怎么理解？计算绩效奖金：（减去管理费后的值-357）*20%来计算吗？
（2）如果是hardle rate 5%，计算绩效奖金：（减去管理费后的值-357（1+5%））*20%来计算吗？
3.对比这道题，图片中的这道题为什么直接用642-610（1+4%），642不扣管理费就直接计算绩效奖金？ （图片附本题下面）——
附：原题
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.
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.
