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 $82.38. ​Apple's price at the end of 2007 was $192.92. If you estimate the market risk premium to have been 6.3%​, did​ Apple's managers exceed their​ investors' required return as given by the​ CAPM? The expected return is?  (Round percentage to 2 decimal places)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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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 $82.38. ​Apple's price at the end of 2007 was $192.92. If you estimate the market risk premium to have been 6.3%​, did​ Apple's managers exceed their​ investors' required return as given by the​ CAPM? The expected return is?  (Round percentage to 2 decimal places)

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