I am asked to use this formula: Sn = a/1-r for |r|<1 To solve this problem:
(1.07) + (1.07)^2 + (1.07)^3 + ...+(1.07)^60
I was trying to think of this in terms of sigma notation where we have a lower and upper limit and then raising it to a power to get the sum. I can see the exponent changing from 0 to 60 and a common ratio of (1.07). I tried putting it into the calculator as sum(seq(1.07x,x,0,60) =1958.1 but I am not sure how that helps me. I guess I am a little lost, could someone put me in the right direction.