At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.3 and the risk-free rate was about 4.7%. Apple's price was $82.06. Apple's price at the end of 2007 was $193.51. If you estimate the market risk premium to have been 6.5%, did Apple's managers exceed their investors' required return as given by the CAPM?

a. The expected return is ___%. (Round to two decimal places.)

b. The realized return is ___%. (Round to two decimal places.)

c. Did Apple's managers exceed their investors' required return as given by the CAPM?

(CHOICES: No / Can't determine / Yes)