Leverage plus lot size = pip value? How do I calculate this.

I understand the size of lot sizes such as 1 standered lot = $100,000 therefor each pip = 10$.

What I'm trying to understand is how can I calculate this with leverage.
For example.

I deposit $500 into a 500:1 leverage account.
I trade with a lot size of 0.1
What is each pip worth?

Can anyone help me?