Correct Answer - Option 1 : 3 years
Given
Principal = Rs 1512
Amount = Rs 2401
Rate of interest = 16.66% = 1/6
Formula Used
Amount = Principal(1 + R/100)t
Calculation
Let the time be t
Amount = Principal(1 + R/100)t
⇒ 2401 = 1512(1 + 16.66/100)t
⇒ (2401/1512) = (7/6)t
⇒ (343/216) = (7/6)t
⇒ (7/6)3 = (7/6)t
⇒ t = 3
∴ Time is 3 years