At the beginning of 2014, Apple's beta was 1.4 and the risk-free rate was about 4.5%. Apple's price was $80.76. Apple's price at the end of 2014 was $197.08. If you estimate the market risk premium to have been 5.8%, did Apple's managers exceed their investors' required return as given by the CAPM?

a) the expected return was ___ %?

b) the realized return was ___ %?

c) Therefore, do apple's managers exceed their investors' required return?