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

1.1 and the risk-free rate was about 4.8 %

Apple's price was $ 80.25

Apple's price at the end of 2007 was $ 193.74 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?