What is the formula for a finite geometric series and how can use it in a practical situation

The sum of n terms of a geometric series with first term and common ratio is given by

It can be used in any situation involving the accumulated consequences of exponential growth. In finance, it is used to find the future value of a sequence of payments subject to compound interest.

For example, consider 10 deposits of 1000 made at the end of the year into an account paying 2% compounded annually. The result of such a sequence of payments will be