Question: ( c ) Over the past 1 0 years, Apple stock and the market have had the following average annual excess returns and standard deviations.

(c) Over the past 10 years, Apple stock and the market have had the following average
annual excess returns and standard deviations.
Does this violate the CAPM:
Explain.
(d) For the next year, everyone agrees Apple stock and the market have the following ex-
pected excess return and standard deviation of returns.
Does this violate the CAPM:
Explain.
 (c) Over the past 10 years, Apple stock and the market

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