At the beginning of $2007($the year the iPhone was introduced$),$ Apple's beta was $1\mathrm{.}54$ and the risk$-$free rate was about

$3\mathrm{.}88\%.$ Apple's price was $$82\mathrm{.}41.$ Apple's price at the end of $2007$ was $$199\mathrm{.}01.$ If you estimate the market risk

to have been $6\mathrm{.}87\%,$ did Apple's managers exceed their investors' required return as given by the CAPM?

The expected return is $14\mathrm{.}46\%.($Round to two decimal places.$)$

The realized return is $\%.($Round to two decimal places.$)$