Step 1 :We are given the function \(P(t) = 500e^{0.2t}\) and we need to find the time \(t\) when the population \(P(t)\) equals 1500.
Step 2 :This is a simple algebraic problem where we need to solve the equation \(500e^{0.2t} = 1500\) for \(t\).
Step 3 :We can do this by first dividing both sides by 500 to get \(e^{0.2t} = 3\).
Step 4 :Then, we can take the natural logarithm of both sides to get \(0.2t = \ln(3)\).
Step 5 :Finally, we can solve for \(t\) by dividing both sides by 0.2.
Step 6 :Doing this gives us \(t = 5.493061443340548\).
Step 7 :Rounding to one decimal place, we find that it will take approximately \(\boxed{5.5}\) days for the population to equal 1500.