At the beginning of 2013, Apples beta was 1.2 and the risk-free rate was about 3%. Apples

Question:

At the beginning of 2013, Apple’s beta was 1.2 and the risk-free rate was about 3%. Apple’s price was $$75$. Apple’s price at the end of 2013 was $$80$. If you estimate the market risk premium to have been 6%, did Apple’s managers exceed their investors’ required return as given by the CAPM?

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