Given:
Amount = Rs. 1500
Rate = 2% and Time = 3 years
Concept used:
SI = (P × R × T)/100
A = P + SI
SI = A - P
T = P×RSI×100
Where, P = Principal, R = Rate of interest,
T = Time period, A = Amount, SI = Simple interest
Calculation:
According to the above concept,
A = P + SI
Initial amount = 1500/-, Principal
⇒ A = P + (P × R × T)/100
⇒ P(1 + 100R×T) = 1500
⇒ P(1 + 1002×3) = 1500
⇒ P(1 + 1006) = 1500
⇒ P(1 + 503) = 1500
⇒ P × 5053 = 1500
⇒ 5053P = 1500
⇒ P = 5375000
Now, Final amount = 1800, Principal remains same
SI = Final amount - Principal
⇒ SI = 1800 - 5375000
⇒ SI = (5395400−75000)
⇒ SI = 5320400
Now, T = P×RSI×100
⇒ T = 53×75000×220400×100×53
⇒ T = 568 = 1353
∴ The required time is 1353.