When Greenville State University decided to move its fine arts collection to a new library, it had to package the collection in 20-inch by 20-inch by 15-inch boxes. If the university pays $0.50 for every box, and if the university needs 3.06 million cubic inches to package the collection, what is the minimum amount the university must spend on boxes?

A. $255

B. $275

C. $510

D. $1, 250

E. $2, 550