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At the boginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.2 and the risk-free rate was about 3.8%. Apple's price was

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At the boginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.2 and the risk-free rate was about 3.8%. Apple's price was 583.61. Apple's price at the and of 2007 was $191.72. If you estimate the markat risk promium to have been 6.8%, did Apples managers excoed their investors' roquired rotum as given by the CAPM? The expected return is N. (Round to two decimat places)

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