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At the beginning of 2019, Apple's beta was 1.4 and the risk-free rate was 4.5%. Apple's price was $84.84. Apple's price at the end of

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At the beginning of 2019, Apple's beta was 1.4 and the risk-free rate was 4.5%. Apple's price was $84.84. Apple's price at the end of 2019 was $198.08. If you estimate the market return to have been 10.5%, did Apple's managers exceed their investors' required return as given by CAPM? Show your work

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