Mike and Carl are each considering buying stock in Greenwing Capital. Mike and Carl both believe that next year's dividend will be $2.75 per share. They also both agree that the growth rate of dividends will be 4% per year. However, Mike believes that the required return for the investment is 25% while Carl believes that it is 18%. What are Mike and Carl's relative valuations of Greenwing? Mike has a lower valuation since he has a higher required return Carl has a lower valuation since he has a lower required return They both have the same valuation