Population growth of a city can be represented with the exponential growth equation $\displaystyle{P}={C}{{\left({1}+{r}\right)}}^{{t}}\usepackage{cmbright}\Huge\$ , where C is the city's current population, r is the population's annual growth rate, and t is the time in years. What is a city's projected population in $\displaystyle{t}={10}\usepackage{cmbright}\Huge\$ years if its current population $\displaystyle{C}={500},{000}\usepackage{cmbright}\Huge\$ and its growth rate $\displaystyle{r}={0.05}\usepackage{cmbright}\Huge\$ ? Round your answer to the nearest thousand.

The city's population will be approximately _____.