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3 February, 05:35

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

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  1. 3 February, 05:57
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    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
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