In this problem, the number of bacteria doubles every hour, which follows an exponential growth pattern. The formula for exponential growth is:
\[
N(t) = N_0 \times 2^t
\]
Where:
- \( N(t) \) is the number of bacteria at time \( t \).
- \( N_0 \) is the initial number of bacteria.
- \( t \) is the time in hours.
Given:
- Initial bacteria \( N_0 = 500 \).
- Time \( t = 4 \) hours.
Substitute these values into the formula:
\[
N(4) = 500 \times 2^4 = 500 \times 16 = 8000 = 8 \times 10^3
\]
Thus, the number of bacteria after 4 hours is \( 8 \times 10^3 \). Therefore, the correct answer is option (2).