William's daily workout consists of jogging and swimming. While jogging he burns 8 calories per minute and while swimming he burns 7 calories per minute. William wants to burn at least 300 calories each day. If William jogs for x minutes and swims for y minutes, which of the following inequalities represents the number of minutes he needs to jog and swim to burn at least 300 calories?
1) 8x + 7y ≥ 300
2) 8x + 7y ≤ 300
3) 8x - 7y ≥ 300
4) 8x - 7y ≤ 300