You desposite $500 in an account that pays 8% annual interest copounded yearly. What is the account balance after 6 years?

FV=500(1+0.08)^6

If a value increases with 8% then it's value is multiplied by 1.08.

500 *1.08⁶ ≈ 793

Thanks both for the help. I didn't understand the problem. 

Do you understand now? 

Yes I understand now because in class we are doing Exponential Growth and Decay.