Truncated tensor algebra ($T^{(N)}(V)={⨁}_{k=0}^N{V}^{\otimes k}$)

The truncated tensor algebra discards products of degree greater than $N$. Its multiplication is $(a\otimes b{)}^{(k)}={\sum }_{j=0}^k{a}^{(j)}\otimes b^{(k-j)}$. Every element with scalar part $1$ is invertible by a finite geometric series in its positive-degree part. Truncated exponential and logarithm are finite polynomials.