High Plains Capital is a hedge fund with a portfolio valued at $475,000,000 at the beginning of the year. One year later, the value of assets under management is $541,500,000. The hedge fund charges a 5% management fee based on the end-of-year portfolio value as well as a 10% incentive fee. If the incentive fee and management fee are calculated independently, the effective return for a hedge fund investor is closest to:

[单选题]High Plains Capital is a hedge fund with a portfolio valued at $475,000,000

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[名词解释] 对冲基金(hedge fund)

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