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At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.37 and the risk-free rate was about 4.57%. Apple's price was

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At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.37 and the risk-free rate was about 4.57%. Apple's price was $391.68. Applo's price at the end of 2007 was $192.39. If you estimate the market riak premium to have been 6.63%, did Apple's managers exceed their investors' required return as given by the CAPM? The expected cetum is 6. (Round to two decimal placess)

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