Question: At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.1 and the risk-free rate was about 4.4%. Apple's price was

At the beginning of 2007 (the year the iPhone was introduced),

At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.1 and the risk-free rate was about 4.4%. Apple's price was $80.84. Apple's price at the end of 2007 was $194.33. If you estimate the market risk premium to have been 6.8%, did Apple's managers exceed their investors' required return as given by the CAPM? The expected return is %. (Round to two decimal places.)

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