At the beginning of 2007, Apple's beta was 1.4 and the risk-free rate was about 5.4%. Apple's price was $81.94. Apple's price at the end of 2007 was $198.14. If you estimate the market risk premium to have been 6.4%, did Apple's managers exceed their investors' required return as given by the CAPM?

what is the expected rate of return? (round two decimal places)

what is the realized return? (round two decimal places)