Step 1: Calculate number of moles of KOH.
\[
n = \frac{\text{Mass of solute}}{\text{Molar mass}} = \frac{28}{56} = 0.5 \, \text{mol}
\]
Step 2: Convert volume of solution into litres.
\[
V = 500 \, \text{mL} = 0.500 \, \text{L}
\]
Step 3: Apply molarity formula.
\[
M = \frac{n}{V} = \frac{0.5}{0.500} = 1.0 \, M
\]
\[
\boxed{\text{Molarity of the solution = 1.0 M}}
\]