[tex]\bf ~~~~~~ \textit{Compound Interest Earned Amount}\\\\A=P\left(1+\frac{r}{n}\right)^{nt}\quad\begin{cases}A=\textit{accumulated amount}\\P=\textit{original amount deposited}\dotfill &\$500\\r=rate\to 7\%\to \frac{7}{100}\dotfill &0.07\\n=\begin{array}{llll}\textit{times it compounds per year}\\\textit{annually, thus once}\end{array}\dotfill &1\\t=years\dotfill &2\end{cases}\\\\\\A=500\left(1+\frac{0.07}{1}\right)^{1\cdot 2}\implies A=500(1.07)^2\implies A=572.45[/tex]
