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At the beginning of 2014, Apple's beta was 1.2 and the risk-free rate was about 3.8 %. Apple's price was $ 82.81. Apple's price at

At the beginning of 2014, Apple's beta was 1.2 and the risk-free rate was about 3.8 %. Apple's price was $ 82.81. Apple's price at the end of 2014 was $ 196.74. If you estimate the market risk premium to have been 6.7 %, did Apple's managers exceed their investors' required return as given by the CAPM?

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