Following this formula 𝐵𝐻𝐴𝑅𝑖𝑡 = ∏[1 + 𝑅𝑖𝑡] −∏ [1 + 𝐸(𝑅𝑖&#119905] using the below data

Date 19/03/2014 Price 95.65 Return 1.0054

Date 20/03/2014 Price 96.17 Return 1.0013

Date 21/03/2014 Price 96.3 Return 0.9983

the ∏[1 + 𝑅𝑖𝑡] equals simply the return (1.0054*1.0013*0.9983) or is it (2.0054*2.0013*1.9983) since there is a "1+" in the equation?? I am so confused because I have seen people not adding the 1 up, just using the regular return and compounding it. Then what is the point of the "1+" in the formula?

Many thanks for your help and clarification in advance.