An investment yields an interest payment of $240 each month. If the simple annual interest rate is 9%, what is the amount of the investment?	Options.
A) $28,300	B) $30,400	C) $31,300	D) $32,500	E) $32,000
Let the principal amount = P   Simple annual interest = 9%   Simple monthly interest = (9/12) = (3/4)%   (3/4)*(P/100) = 240   =&gt;P = (240 *4 * 10^2 )/3   = 80*4*10^2   = 320 * 10^2=32000   Answer $32,000
<result>E</result>
An investment yields an interest payment of $240 each month. If the simple annual interest rate is 9%, what is the amount of the investment?