A Hedge Fund Has $150 Million in Assets at the Beginning

A hedge fund has $150 million in assets at the beginning of the year and 10 million shares outstanding throughout the year. Throughout the year assets grow at 12%. The fund charges a 3% management fee on the assets. The fee is imposed on year-end asset values. What is the end-of-year NAV for the fund?

A) $15
B) $15.60
C) $16.30
D) $17.55