A geometric series is the sum of the terms of a geometric sequence. In a geometric sequence, each term is obtained by multiplying the previous one by a constant called the common ratio. For the sequence in our problem, the common ratio \(r\) is 2. The terms—1, 2, 4, and 8—form a geometric series, and the sum of these terms can be calculated using the formula for the sum of the first \(n\) terms of a geometric series:
- \(S_n = a_1 \frac{r^n - 1}{r - 1}\)
Here, \(a_1 = 1\) and \(r = 2\). We see geometric series utilized in various fields, from mathematics and physics to finance, as they help model exponential growth processes.