Answer:
4 years
Step-by-step explanation:
This is a problem in simple interest: i = prt, where:
p is the principal (intial amount), i is the interest, r is the annual interest rate and t is the time in years.
i
Solving i = prt for t, we get t = ------
pr
$150
which comes out to t = --------------------- = 4 years
($500)(0.075)
