Jack 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 $27,540. His family has promised to contribute $13,950 each year he is in school. What is the minimum amount of money Jack 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
$537.95
b
$566.25
c
$598.32
d
$512.95