Yup. The math isn't as strange as it looks, it's just that when something is doubled in D&D, it's increased by +100%. Each additional doubling also increases the base number by 100%.
So in your number above, you have the base number (100%), and each of the 4 doublings increases it by +100%, for a total of 500%.
It keeps criticals and such from getting completely out of hand.
Similarly, each Empower increases the base spell by +50%.
Because that's the way it looks in 2+1+1+1. See what I mean? It was just kind of wierd in my head. Makes perfect sense now. Thanks a bunch, Cal! You're my hero!