At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was

1.3

and the risk-free rate was about

4.9%.

Apple's price was

$84.17.

Apple's price at the end of 2007 was

$192.56.

If you estimate the market risk premium to have been

6.5%,

didApple's managers exceed their investors' required return as given by the CAPM?

The expected return is

nothing%.

(Round to two decimal places.)