A private equity fund manager raises $500 from limited partners (LPs) and invests this in a company, without charging a 2% management fee on committed capital. Two years later, the general partner (fund manager) sells the company stake for $800 and distributes the cash proceeds to the LPs and the general partner (GP) according to the following cash waterfall rules: (a) 20% carried interest rate; (b) an 8% preferred return to the LPs; a "catch up Rate" equal to 20% of [the capital repaid to LPs + the preferred return payment].

What net cash payments are made to the LPs and the GP?

If the company stake is instead sold for only $550, what net cash payments are made to the LPs and the GP?