The exponential growth/decay formula is given by A = Pe^(rt), where A is the final amount, P is the initial amount, r is the rate of growth/decay and t is time.
We are given A = (1/500)P and t=1, so substituting: (1/500)P = Pe^(r*1) Cancelling out P on both sides: 1/500 = e^r ln(1/500) = ln(e^r) r = -6.215