If you deposit $1,500 at a rate of 5%, in how many years would you earn $375 in interest?

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