At the beginning of 2007, Apple's beta was 1.3 and the risk-free rate was about 4.8%.
Apple's price was $82.04. Apple's price at the end of 2007 was $195.18. If you estimate the market risk premium to have been 6.3%, did Apple's managers exceed their investors' required return as given by the CAPM?
The expected return is ......%. ?(Round to two decimal places.)