Karl bought five folders from Pay-A-Lot at a cost of \$ 2.50 each. Pay-A-Lot had a 20%-off sale the following day. How much could Karl have saved on the purchase by waiting a day?
Answer Choices
A. \$ 1.00
B. \$ 2.00
C. \$ 2.50
D. \$ 2.75
E. \$ 5.00