An investment yields an interest payment of $228 each month. If the simple annual interest rate is 9%, what is the amount of the investment?
Choose the correct choice from the following:  A) $28,300  B) $30,400  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) = 228   =&gt;P = (228 *4 * 10^2 )/3   = 76*4*10^2   = 304 * 10^2   Answer $30,400
<result>B</result>
An investment yields an interest payment of $228 each month. If the simple annual interest rate is 9%, what is the amount of the investment?