At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.2 and the risk-free rate was about 5.3%. Apple's price was $80.25. Apple's price at the end of 2007 was $196.61. If you estimate the market risk premium to have been 6.9%, did Apple's managers exceed their investors' required return as given by the CAPM? The expected return is %. (Round to two decimal places.)