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At the beginning of2014, Apple's beta was 1.4 and therisk-free rate was about 5.3%. Apple's price was $81.64. Apple's price at the end of 2014

At the beginning of2014, Apple's beta was 1.4 and therisk-free rate was about 5.3%. Apple's price was $81.64. Apple's price at the end of 2014 was $198.02. If you estimate the market risk premium to have been 6.7%, didApple's managers exceed theirinvestors' required return as given by theCAPM?

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