Correct Answer - Option 3 : 20 months
Given:
Principal, P = Rs. 3600
Rate, R = 15%
Amount, A = Rs. 4500
Formula used:
Simple interest = (P × R × T)/100
Simple Interest = Amount – Principal
Calculation:
Simple Interest = Amount – Principal
⇒ S.I = 4500 – 3600 = 900
Simple interest = (P × R × T)/100
⇒ 900 = (3600 × 15 × T)/100
⇒ 900 = 540T
⇒ T = 900/540
⇒ T = (5/3) × 12 months
⇒ T = 20 months
∴ The required time is 20 months.