Joe’s dad is only , but he is already planning for retirement. If he retires early at age , he will receive an annual pension starting at that increases at a rate of each year to account for inflation. If he waits until he is , his pension will be a percentage of his salary at that time. He figures that his pension will start at about and it will have the same annual increase. He wants to know which plan will pay out the largest total by age . Show him how to determine the answer to his question.