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At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.4 and the risk-free rate was about 4.7%. Apple's price was

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At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.4 and the risk-free rate was about 4.7%. Apple's price was $84.61. Apple's price at the end of 2007 was $197.67. If you estimate the market risk premium to have been 5.5%, did Apple's managers exceed their investors' required return as given by the CAPM

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