A hedge fund is long $315 million in certain stocks and short $225 million in other stocks. The hedge fund's equity is $185 million. The fund's overall beta is 0.75. Calculate the gross and net leverage.
A. 2.91 and 0.48
B. 2.18 and 0.36
C. 2.91 and 0.36
D. 2.18 and 0.48