Frank is planning to attend a public university after he graduates from high school in 2 years. He is devising a plan to save money each month to help with the expenses of attending the university. The cost of attending the public university for one-year is $24,950. His family has promised to contribute $8,950 each year he is in school. What is the minimum amount of money Frank must contribute to his savings per month for the next 2 years to have enough money to pay for his first year of tuition? a
$666.67
b
$555.56
c
$578.87
d
$467.76