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At the beginning of 2007, Apple's beta was 1.4 and the risk-free rate was about 4.5%. Apple's price was $81.69. Apple's price at the end

At the beginning of 2007, Apple's beta was 1.4 and the risk-free rate was about 4.5%. Apple's price was $81.69. Apple's price at the end of 2007 was $192.88. If you estimate the market risk premium to have been 5.9%, did Apple's managers exceed their investors' required return as given by the CAPM?

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