Dividends on CCN corporation are expected to grow at a 9% per year. Assume that the discount rate on CCN is 12% and that the expected dividend per share in one year is $0.50. CCN has just paid a dividend, so the next dividend is the $0.50 to be paid one year from now.

Assume that CCN's return on equity (ROE) is 12%. What fraction of earnings must CCN be plowing back into the company?