Question 1082566
It depends, if the interest is compounding one will earn more than if its just simple interest.
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Simple interest:   $500*(0.06)*7 = $210.
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(More likely scenario)
Compound interest:  (this is when the interest from year 1, or payment period 1, is rolled into the invested amount so that the investment increases for the next interest payment):

    {{{ 500*(1+0.06)^7 - 500 = 751.82 - 500 }}} = ${{{  251.82 }}} 

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You can see that power of compounding, after just 7 years, the compounded investment earns 20% more (= (251.82-210)/210 x 100%)  than the investment that pays simple interest.