Assume that I have 1 unit of something and then I add ½ unit resulting in a total of 1.5 units. Then I add half of the half (0.25 units) for a total of 1.75 units. Then I add the half of the half of the half (0.125 units) resulting in 1.875 units. IIUC, the result will be finite and have a limit but what is it and is there a general formula I'm looking for?
The problem seems similar to a Riemann sum where an infinite sequence has a finite value, or similar to Xeno's paradox about Achilles and the tortoise.
This is called a geometric series. In general, you have that
$$\sum\limits_{k=0}^\infty x^k = \frac{1}{1-x} $$ (Provided that $|x|<1$, otherwise the series does not converge)
For example $$1+\frac12+\frac14+... = \sum\limits_{k=0}^\infty \left(\frac12\right)^k = \frac{1}{1-1/2} = 2. $$