Leroy pays $800 for a ticket .The ticket increases in cost by 12% each year. If Leroy keeps buying the tickets annually, approximately how much does he spend on tickets, total, over 7 years?

Answer 1

It's a geometric series. Use the formula for a partial sum with n=7, a = 800, r= 1.12 = the common ratio

Sn = a(1-r^n)/(1-r)