Answer: it will take 5 years.
Step-by-step explanation:
Assuming it is simple interest, we would apply the formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the amount of money deposited.
P represents the principal or amount of money deposited.
R represents interest rate on the deposit.
T represents the duration of the deposit in years.
From the information given,
P = $1500
I = $375
R = 5%
Therefore,
375 = (1500 × 5 × T)/100
375 = 75T
T = 375/75
T = 5 years
