Yes, existing $100 bills are still valid.
Unlike many other countries, the US doesn't formally withdraw old bills when new designs are introduced. Old bills continue to circulate until they wear out. When banks receive a worn-out bill it's returned to the Treasury for destruction.
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there is no $500 bill currently in use, although there used to be. WILLIAM MCKINLEY was on the front.
Please see the link below. Search for "cotton"
You've got to be more specific. If you mean most used, it would have to be the small-sized federal reserve notes we use today, the most used of all of them is the $1 bill. If you mean collector demand, the Educational Series of notes are highly sought after, along with large denomination bills ($500 and $1,000 bills).
A mint condition uncirculated $1 bill is worth $4. Used condition notes are worth $1.
The average lifespan of a U.S. $20 bill is 7 years.