Suppose the risk-free return is 4.4% and the market portfolio has an expected return of 11.1% and a standard deviation of 16%. Johnson \& Johnson Corporation stock has a beta of 0.28. What is its expected return? At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.2 and the risk-free rate was about 4.6\%. Apple's price was $81.74. Apple's price at the end of 2007 was $197.37. If you estimate the market risk premium to have been 5.2%, did Apple's managers exceed their investors' required return as given by the CAPM