It's March 2023 and you are a mid-level executive working in Texas. Tomorrow you will have the opportunity to negotiate with your employer to receive some amount of deferred salary in 5 years in exchange for $100,000 of your 2023 performance bonus. If this compensation is not deferred, it will be paid to you on December 31, 2023. Both you and your employer can earn a before-tax annualized rate of return of 10%. Your employers combined federal and state income tax rate is 40% and is expected to remain constant throughout the 5 year period. Because Texas does not have an individual income tax, you will pay only a federal tax of 35% on income earned in 2023. However, you