In the way your question is titled - you don't appear to be confident with sigma notation?
Sigma means "sum", so you may rephrase your question as a sum (i.e. physically write down the terms with ' ... ' to seperate the terms in between).
So $$\sum_{i=0}^{k-1} 2^i \text{ is equivalent to }2^0+2^1+2^2+\cdots2^{k-1} $$
Would this help you 'picture' the induction? It should be a very simple task!
If you are not forced to use induction, simply observe that this is a geometric series, and immediately
$$\sum_{i=0}^{k-1} 2^i = \frac{2^k-1}{2-1} = 2^k-1$$
For the induction itself:
BASE CASE: (you have already done this)
INDUCTIVE HYPOTHESIS: We assume that
$$\sum_{i=0}^{k-1}2^i=2^k-1$$
and now we wish to show that if the hypothesis is true, then it is also true for $k+1$
$$\text{RTP: } \sum_{i=0}^{k}2^i=2^{k+1}-1$$
$$ LHS = \sum_{i=0}^{k}2^i = \sum_{i=0}^{k-1}2^i + 2^k = (2^k -1) + 2^k =2^{k+1}-1=RHS$$
and so we can conclude that the statement is true by induction.
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