Annual compounding
$$FV=PV(1+i)^n$$
$$\\1500=1000(1+0.05)^n\\
3=2(1.05)^n\\
1.5=1.05^n\\
log1.5=log1.05^n\\
log1.5=nlog1.05\\
n=\frac{log1.5}{log1.05}\\$$
$${\frac{{log}_{10}\left({\mathtt{1.5}}\right)}{{log}_{10}\left({\mathtt{1.05}}\right)}} = {\mathtt{8.310\: \!386\: \!222\: \!520\: \!560\: \!2}}$$
8.31 years
Daily compounding
$$\\1500=1000(1+0.05/365)^{365n}\\
1.5=(1+0.05/365)^{365n}\\
log1.5=log(1+0.05/365)^{365n}\\
log1.5=365n*log(1+0.05/365)\\
365n=\frac{log1.5}{log(1+0.05/365)}\\
n=\frac{log1.5}{365log(1+0.05/365)}\\$$
$${\frac{{log}_{10}\left({\mathtt{1.5}}\right)}{\left({\mathtt{365}}{\mathtt{\,\times\,}}{log}_{10}\left({\mathtt{1}}{\mathtt{\,\small\textbf+\,}}{\frac{{\mathtt{0.05}}}{{\mathtt{365}}}}\right)\right)}} = {\mathtt{8.109\: \!857\: \!581\: \!140\: \!344\: \!3}}$$
8.11 years (2dp)
The difference if 0.2 of a year = 2.4 months
Well if you look around for more than 2.4 months you will start losong money.
BUT If the interest is only added yearly with the first one then you might have to wait for the full year 9 years before you can withdraw the $1500.
With the daily one I would assume that the interest is added to the account daily and you can withdraw the $1500 in 8.11 years.
Now the daily one is looking quite a lot better.