1. A high water mark of ￡150 million was established 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?