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 Both plans are tax free when the money is eventually withdrawn to assist with college expenses.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 33% and $8,300 each year is invested in a mutual fund earning 9% per year for 12 years. Note: The estimated cost of a college education 12 years from now is $116,000. Click the icon to view the interest and annuity table for discrete compounding when the MARR is 9% per year. Calculate the future worth of savings under the 529 IRA plan. FW529 IRA(9%-| (Round to the nearest dollar.) Calculate the future worth of savings under the Roth IRA plan. FWRoth IRA(9%)-1 (Round to the nearest dollar.) Thus, the 529 IRA plan accumulates % in future worth compared to the Roth IRA. Round to one decimal place