"Paraphrasing" simply means to put something into your own words. When you share a story you've heard from a friend, unless you repeat it word for word then you've paraphrased it. So what you need to do here is read the passage and then explain it in your own words as you would if you were describing it a friend or associate. For example: "The Epic of Gilgamesh is not logical because no one can swim to the bottom of the ocean...."
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