$16-$At the beginning of $2007($the year the iPhone was introduced$),$ Apple's beta was $1\mathrm{.}45$ and the risk$-$free rate was about $4\mathrm{.}41\%.$ Apple's price was $$83\mathrm{.}37.$ Apple's price at the end of $2007$ was $$199\mathrm{.}18.$ If you estimate the market risk premium to have been $6\mathrm{.}91\%,$ did Apple's managers exceed their investors' required return as given by the CAPM?

The expected return is

$\%.($Round to two decimal places.$)$