Spectral radius of a matrix

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How to show that for a matrix $M$, its spectral radius $\rho(M)$ satisfies $$\rho(M)=\lim_{k\rightarrow\infty}\|M^k\|^{\frac{1}{k}}$$ where $\|\cdot\|$ denotes the norm of the matrix?

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This is called Gelfand's formula and is on the Wikipedia page for spectral radius.