AMC 8 1987 Problem 15

The sale ad read: "Buy three tires at the regular price and get the fourth tire for 3 dollars." Sam paid 240 dollars for a set of four tires at the sale. What was the regular price of one tire? $\text{(A)}\ 59.25\text{ dollars} \text{(B)}\ 60\text{ dollars} \text{(C)}\ 70\text{ dollars} \text{(D)}\ 79\text{ dollars} \text{(E)}\ 80\text{ dollars}$