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P 12-36 (similar to) Question Help At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.3 and the risk-free rate

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P 12-36 (similar to) Question Help At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.3 and the risk-free rate was about 3.6%. Apple's price was $81.27. Apple's price at the end of 2007 was $194.09. If you estimate the market risk premium to have been 5.3%, did Apple's managers exceed their investors' required return as given by the CAPM? The expected return is %. (Round to two decimal places.)

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