A 529-state-approved Individual Retirement Account (IRA) permits parents to invest tax-free dollars into their children's college education fund (this money may only be used for educational expenses). Another popular plan, the Roth IRA, requires after-tax dollars to be invested in a savings fund that may (or may not) be used for paying future college expenses. Both plans are tax free when the money is eventually withdrawn to assist with college expenses. Clearly, the 529 IRA plan is a better way to save for college expenses than the Roth IRA. Quantify "better when the marginal income tax rate is 25% and $9,200 each year is invested in a mutual fund earning 8% per year for 9 years. Note. The estimated cost of a college education 9 years from now is $110,000 Click the icon to view the interest and annuity table for discrete compounding when the MARR is 8% per year. Calculate the future worth of savings under the 529 IRA plan FW529 IRA(896): (Round to the nearest dollar.) Calculate the future worth of savings under the Roth IRA plan. FWRoth IRA (8%-| (Round to the nearest dollar.) Thus, the 529 IRA plan accumulates )% In future worth compared to the Roth IRA Round to one decimal place