Joe's dad is only 40, but he is already planning for retirement. If he retires early at age 55, he will receive an annual pension starting at $30,000 that increases at a rate of 3% each year to account for inflation.
If he waits until he is 65, his pension will be a percentage of his salary at that time. He figures that his
pension will start at about $60,000 and it will have the same 3% annual increase. He wants to know
which plan will pay out the largest total by age 80.