At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.1 and the risk-free rate was about 4.5%. Apple's price was $84.79. Apple's price at the end of 2007 was $190.38. 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.)