The multiplier for increasing by 7% is 1.07. To get our answer we times the initial amount of money by the multiplier to the power of the number of years he leaves it in for:
500 x 1.07⁶ (The power is 6, because the money is left in for 6 years)
= $750.3651759
= $750.37 (rounded)
So after 6 years, Jose will have $750.37
