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Fast algorithm for solving problems of light diffraction by real planar periodic metal-dielectric optical structures is proposed. This algorithm combines the numerical time domain simulation of the non-uniform region in periodic arrays of metal strips vicinity with analytical frequency domain transmission matrix method for the thick uniform substrate. To illustrate effectiveness of proposed method the reflectivity of a planar optical periodic structure with two arrays of C-shaped metal elements was calculated. The method can be used for optimization of properties of optical planar metamaterials.