Binet's Formula is an explicit formula for finding the nth term of the Fibonacci sequence without needing to calculate all the previous terms. It expresses the nth Fibonacci number as a function of n using the golden ratio, $$rac{(\phi^n - (1 - \phi)^n)}{\sqrt{5}}$$, where $$\phi = \frac{1 + \sqrt{5}}{2}$$. This formula is significant because it provides a direct way to compute Fibonacci numbers, showcasing the relationship between Fibonacci numbers and generating functions.
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