We report extensive differential V-band photometry and high-resolution spectroscopic observations of the early F-type, 1.06-day detached eclipsing binary V506 Oph. The observations along with times of minimum light from the literature are used to derive a very precise ephemeris and the physical properties for the components, with the absolute masses and radii being determined to 0.7% or better. The masses are 1.4153 +/- 0.0100 M(Sun) and 1.4023 +/- 0.0094 M(sun) for the primary and secondary, the radii are 1.725 +/- 0.010 R(Sun) and 1.692 +/- 0.012 R(Sun), and the effective temperatures 6840 +/- 150 K and 6780 +/- 110 K, respectively. The orbit is circular and the stars are rotating synchronously. The accuracy of the radii and temperatures is supported by the resulting distance estimate of 564 +/- 30 pc, in excellent agreement with the value implied by the trigonometric parallax listed in the Gaia/DR2 catalog. Current stellar evolution models from the MIST series for a composition of [Fe/H] = -0.04 match the properties of both stars in V506 Oph very well at an age of 1.83 Gyr, and indicate they are halfway through their core hydrogen-burning phase.
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