At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.4 and the risk-free rate was about 4.6%. Apple's price was $82.15. Apple's price at the end of 2007 was $195.56. 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? Question content area bottom Part 1 The expected return is?