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It's difficult to say...
Obviously you can price per keyword but some will be higher competition than others so will involve more work.
In my opinion you should take a look at their needs and make an honest quote which revolves around what you're willing to do for that price.
SEO isn't quick as you know so $500 isn't a lot to ask for. If someone isn't willing to pay at least that then move on and find someone else.
Honestly I wouldn't do SEO for less than $1,000 per client per month.
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