A hedge fund with a 2% management fee also charges a 30% incentive fee on amounts over a netoffees highwater mark. The following table shows the initial investment and yearend value received, based on the performance.

Year	Beginning	Ending
1	$1,000 million	$1,200 million
2	$1,200 million	$900 million
3	$900 million	$1,150 million
4	$1,150 million	$1,400 million
5	$1,400 million	$1,500 million

Based on the preceding data, in which of the following years will the general partner most likely earn incentive fees?

Group of answer choices

Year 1, Year 3, and Year 4.

Year 1, Year 3, Year 4, and Year 5.

Year 1, Year 4, and Year 5.