Let be a -algebra and be a closed ideal in . For , its image under the canonical surjection is denoted by , and the spectral radius of is denoted by . We prove that (where infimum is taken over all such that is invertible), which generalizes spectral radius formula of Murphy and West \cite{MurphyWest} (Rota for \cite{Rota}). Moreover if then the infimum is attained. A similar result is proved for commuting family of elements of a -algebra. Using this we give a partial answer to an open question of C. Olsen: if is a polynomial then for “almost every” operator there is a compact perturbation of such that We show also that if operators commute, is similar to a contraction and is similar to a strict contraction then they are simultaneously similar to contractions.

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