Write down the compound interest formula and substitute the given values.

Step 1: Write down the compound interest formula and substitute the given values.
The formula for compound interest is $A = P(1 + \frac{r}{100})^{t}$, where:

• $A$ is the final amount.
• $P$ is the principal amount.
• $r$ is the annual interest rate as a percentage.
• $t$ is the time in years.

Given:

• P = \500$
• A = \559.78$
• $t = 6$ years

Substitute these values into the formula:

$$$$