Pancho and Lefty are both lottery winners. Both of them are offered the same two options, a fixed annuity payment for 25 years or a single lump sum payment today. Pancho chooses the annuity, while Lefty chooses the single lump sum payment. If both chose the option with the highest present value, what must be true about Pancho and Lefty's required returns? Pancho required return > Lefty required return Pancho required return = Lefty required return Pancho required return < Lefty required return O Not enough information to decide