At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.4 and the risk-free rate was about 5.3%. Apple's price was $80.92. Apple's price at the end of 2007 was $195.03. If you estimate the market risk premium to have been 5.6%, did Apple's managers exceed their investors' required return as given by the CAPM? The expected return is %. (Round to two decimal places.) Suppose the risk-free return is 5.6% and the market portfolio has an expected return of 10.7% and a standard deviation of 16%. Johnson & Johnson Corporation stock has a beta of 0.32. What is its expected return? The expected return is %. (Round to two decimal places.) You hear on the news that the S&P 500 was down 1.8% today relative to the risk-free rate (the market's excess return was - 1.8%). You are thinking about your portfolio and your investments in Zynga and Proctor and Gamble. a. If Zynga's beta is 1.2, what is your best guess as to Zynga's excess return today? b. If Proctor and Gamble's beta is 0.4, what is your best guess as to P&G's excess return today? a. If Zynga's beta is 1.2, what is your best guess as to Zynga's excess return today? Zynga's excess return today is %. (Round to one decimal place.)