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At the beginning of 2014 , Apple's beta was 1.4 and the risk-free rate was about 3.5%. Apple's price was $84.35. Apple's price at the

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At the beginning of 2014 , Apple's beta was 1.4 and the risk-free rate was about 3.5%. Apple's price was $84.35. Apple's price at the end of 2014 was $196.42. If you estimate the market risk premium to have been 5.1%, did Apple's managers exceed their investors' required return as given by the CAPM? The expected return was \%. (Round to two decimal places.)

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