An investment yields an interest payment of $231 each month. If the simple annual interest rate is 9%, what is the amount of the investment?
Choose the correct option:	A) $28,300	B) $30,800	C) $31,300	D) $32,500	E) $35,100
Let the principal amount = P   Simple annual interest = 9%   Simple monthly interest = (9/12) = (3/4)%   (3/4)*(P/100) = 230   =&gt;P = (231 *4 * 10^2 )/3   = 77*4*10^2   = 308 * 10^2=30800   Answer $30,800
<result>B</result>
An investment yields an interest payment of $231 each month. If the simple annual interest rate is 9%, what is the amount of the investment?