Geometric series word problem

[mooshupork34]

Okay, so here's the problem, and I'm not exactly sure how to go about solving it so any help would be appreciated:

Economic planners wish to estimate the impact of bringing a major league franchise to a certain city. They estimate that crowds coming to games would spend 50 million dollars over the course of a season. Some of that 50 million dollars would go into savings, some of it would be spent somewhere else, but they believe that about 60% of the money spent will be spent again in the city. That's another 30 million dollars for a total of 80 million. But that's not all. Sixty percent of the extra 30 million will be spent in the city, that's 18 million, and then 60% of 18 million, and then....

How much should they estimate will be spent altogether?

 

[galactus]

\(\displaystyle \L\\S=\frac{a_{1}}{1-r}\)

r=ratio and a1=first term

 

[mooshupork34]

Oh, wow. It's easier than I thought. Thank you so much!