Let's begin by listing out the given information:
Number of students (n) = 20
Amount (a) = $298
The equation that can be used to find the amount of money that each student must raise (m) is given below:
[tex]\begin{gathered} m=\frac{298}{20} \\ \Rightarrow20\cdot m=2988 \\ \therefore20m=2988 \end{gathered}[/tex]Hence, option D is the correct answer