A hedge fund begins the year with $120 million and earns a 25% return for the year. The fund charges a 5% management fee on end-of-year fund value and a 15% incentive fee on the return, net of the management fees, that is in excess of a 6% fixed hurdle rate. The fund's investors' return for the year, net of fees, is closest to:

A.19.66%.

B.20.56%.

C.21.25%.