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You are the CFO of ExxonMobil and you decide to retain a larger fraction of earnings. ExxonMobil's return on equity (ROE) is 7.8\%. The risk-free rate is 4%, the market's expected return E[Rm] is 7% and ExxonMobil's beta is 1.4. What is the immediate impact of your decision on ExxonMobil's price-earnings ratio? The price-earnings ratio stays constant The price-earnings ratio goes down The price-earnings ratio goes up Not enough information to answer this