At the beginning of $2007($the year the iPhone was introduced$),$ Apple's beta was $1\mathrm{.}2$ and the risk$-$free rate was about

$4\mathrm{.}6\%.$ Apple's price was $$84\mathrm{.}23.$ Apple's price at the end of $2007$ was $$198\mathrm{.}82.$ If you estimate the market risk premium

to have been $5\mathrm{.}4\%,$ did Apple's managers exceed their investors' required return as given by the CAPM?

The expected return is

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