Jackson is buying school supplies for his third grade class, which has 30 students. Each student needs 5 pens, 3 notebooks, 1 binder and 2 highlighters. Pens cost $0.50, notebooks cost $1.25, binders cost $4.25, and highlighters cost $0.75. If Jackson gets a $100 teacher discount, how much does he spend on school supplies?
Please reason step by step, and put your final answer within \boxed{}.
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