Correct. Substituting into the formula, you get:

$\displaystyle{P}={500},{000}{{\left({1}+{0.05}\right)}}^{{10}}={500},{000}{{\left({1.05}\right)}}^{{10}}\approx{500},{000}{\left({1.62889}\right)}\approx{814},{445}\usepackage{cmbright}\Huge\$

Rounded to the nearest one thousand, the population is 814,000.