Spring Hedge Fund has $$45$ million under asset managment. The fund earned $12\%$ return this year and charges a $2/20$ fee structure that contains a high$-$water provision. The management fees are paid in the beginning of the year and the performance fees are paid at the end of the year. What is the investor's net return?

Group of answer choices

$7\mathrm{.}8\%$

$9\mathrm{.}2\%$

$10\%$

$8\%$