1987 AJHSME Problem 15

The sale ad read: "Buy three tires at the regular price and get the fourth tire for three dollars;." Sam paid 240\text{ dollars} for a set of four tires at the sale. What was the regular price of one tire?

\text{(A)}\ 59.25\text{ dollars} \qquad \text{(B)}\ 60\text{ dollars} \qquad \text{(C)}\ 70\text{ dollars} \qquad \text{(D)}\ 79\text{ dollars} \qquad \text{(E)}\ 80\text{ dollars}

Full credit goes to MAA for authoring these problems. These problems were taken on the AOPS website.