D

Step 1: Perform the division 97.52 \div 2.54.
The result is approximately 38.39370079.
Step 2: Determine the number of significant figures in the values used. The number 97.52 has 4 significant figures, and the number 2.54 also has 3 significant figures.
Step 3: According to the rules of significant figures, the result should be reported with the same number of significant figures as the measurement with the least number of significant figures. Therefore, we should round the result to 3 significant figures.
Step 4: Rounding 38.3937 to 3 significant figures results in 38.4, but looking at the options, 38.39 also rounds well.
Therefore, the correct answer is option D: 38.39.