Howie long has just learned he has won a $500,000 prize in the lottery. the lottery has given him two options for receiving the payments. (1) if howie takes all the money today, the state and federal governments will deduct taxes at a rate of 46% immediately. (2) alternatively, the lottery offers howie a payout of 20 equal payments of $36,000 with the first payment occurring when howie turns in the winning ticket. howie will be taxed on each of these payments at a rate of 25%

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two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.