Determine the impact speed of an out of control satellite initially at rest falling from an altitude of 5×10^5m above the Earth’s surface.

Can someone please guide me on how to complete this problem. I don't understand how to apply escape velocity to this

V^2 = Vo^2 + 2g*h = 0 + 19.6*5*10^5 = 9.8*10^6

V = sqrt (9.8*10^6) = ___ m/s.