How do you convert $500$ centimeters to meters?

Hint: Both centimeters and meters are the unit of length. Here they have asked us to convert from centimeter value to the meter value. So we can make use of a simple conversion formula that by multiplying the value in centimeters by $0.01$ we get the required answer that is in terms of meters.

Complete step-by-step answer:
First, we need to know basic points about the centimeter and the meter.
Centimeter is a unit of length which can be represented as cm.
Meter is also another type of unit of length which is represented as m. Meter is a widely used unit to represent the length.
There are many other units for length other than centimeter and meter.
Now, when it comes to conversion from centimeter to meter just by multiplying the value in centimeter by $0.01$ we can get the answer in terms of meter. Here $0.01$ is nothing but the conversion factor. This can also be written in terms of formula as below:
Value in meters = Value in centimeters $ \times $ $0.01$
Now, by substituting the value of given centimeter that is $500$ in place of value in centimeters in the above formula, we get
Value in meters = $500 \times 0.01$
Therefore, Value in meter = $5$ meter.
Hence, $500$ centimeters is equal to $5$ meters.

Note: The process which we followed to convert centimeters to meters is bit lengthy, this process can be followed whenever they ask for more marks or theory type questions. If they ask you this type of conversion in MCQ type question if you know one meter is equal to hundred centimeters then directly you can convert and get the answer.