[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}\to &\$500\\
r=rate\to 7\%\to \frac{7}{100}\to &0.07\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{quarterly, thus four}
\end{array}\to &4\\
t=years\to &1
\end{cases}
\\\\\\
A=500\left(1+\frac{0.07}{4}\right)^{4\cdot 1}\implies A=500(1.0175)^4\implies A\approx 535.92951564[/tex]
