Mike Smith just turned 16 years old. He wishes to buy a used car in two years, and he is willing to spend $8,000. He plans to work part-time and put all his monthly earnings into a bank account that will pay 0.25% interest per month. How much must he save per month in order to be able to purchase the car in two years?

Select one:

a. $754.72

b. $416.67

c. $405.33

d. $333.33

e. $323.85