Could you please compute the following problem for me?
A person has $2,000.000.00 in assets. The person is receiving advice for managing his portfolio and is being charged 1% annually. The annual fee is pro-rated and charged quarterly in arrears, based upon the average daily value of the assets being managed during the previous quarter. The approximate gross yield based on the investments is 4.2% with a gross income of $83,790.00. What would the approximate net yield be after the 1% management fee has been deducted as stated above?