Watts = 1.44 * Amps * AC Line voltage
496.8 watts = 1.44 * 3 amps * 115 volts That 500w number is a close approximation. If you have ever looked at hot water heater elements they usually have a 1KW spread based on line voltage of 230 - 240 volts AC.
That number will fluctuate a little and and some others mentioned you will have an initial spike that can exceed 500watts by quite a bit.
1.414 = 2*sqrt(2)
sqrt(2)=.707, .707*Peak value=RMS value
They don't normally put RMS on nameplates.
115v is actually RMS of 170v peak-to-peak.
You only multiply by 1.414 to get from RMS to peak.
Watts = V*A*PF
115*3*(.7-.9PF estimate for blender motor)= 276W