**1. Do I have to memorise the formula for the Binomial Theorem?**

For examinations it is provided and for most school tests and examinations it will be given to you.

**2. What is the use of using the Binomial Theorem for approximating calculations such as 1.06 ^{7}?**

Before the days of calculators it would have been quicker. Nowadays it is used to approximate a binomial with a simpler expression like a quadratic.