At the beginning of 2007, Apple's beta was 1.3and 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.)