For each of the following word problems, compute the quantity asked using the formulas. Show your work and not just the final answer:

1. You drop a bouncy ball from 1 meter high towards the ground. It always comes back up at a quarter of the height it fell. If we let the ball bounce forever in a vacuum against this surface what is the total distance it travels?

2. You bet $1 on your favorite sports team one year. In that year your team wins and you earned $1, the money you bet. The next year, to play it safe and due to the dropping performance of your favorite team, you bet only half of what you bet the previous year. You lose this bet and have to lose your $0.5, in other words, you earned −$0.5. Assuming you continue to halve your bets and your favourite team continues to alternate between winning and losing each year, how much can you earn if you could bet on your favourite team forever this way?