2003 Pascal Problem 24

An artist wants to completely cover a rectangle with identically sized squares which do not overlap and do not extend beyond the edges of the rectangle. If the rectangle is 60\frac{1}{2} cm long and 47\frac{2}{3} cm wide, what is the minimum number of squares required?

\textbf{(A)}\ 429\quad \textbf{(B)}\ 858\quad \textbf{(C)}\ 1573\quad \textbf{(D)}\ 1716\quad \textbf{(E)}\ 5148

If there are no answer choices shown, enter a numerical answer.

Full credit to this problem is given to the CEMC, you may view all Pascal contests here.