A hedge fund sets its fee at $2\%$ and a $20\%$ carry with an $8\%$ benchmark. How much money

will a hedge fund make in fees over the course of a year if assets under management $($AUM$)$

is $$1,000,000$ and the fund is valued at the end of the year at $$1,120,000?$

A$)$ $$8,000$

B$)$ $$22,400$

C$)$ $$28,000$

D$)$ $$38,000$