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At the beginning of 2007 (the year the iPhone was introduced), Apple's beta was 1.1 and the risk-free rate was about 5.1%. Apple's price was $81.67. Apple's price at the end of 2007 was $199.86. If you estimate the market risk premium to have been 6.4%, did Apple's managers exceed their investors' required return as given by the CAPM
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