You can prove that this set is compact if your are familiar with compactness.
Let $\{A_i|i \in I\}$ be an open cover of $B=\{\frac{1}{n+1}|n \in \mathbb{N}\} \cup\{0\}$
The sequence $x_n=\frac{1}{n+1} \rightarrow 0$ .
We have that $\exists i_0 \in I$ such that $0 \in A_{i_0}$
Because of the fact that $A_{i_0}$ is open exists $\epsilon >0$ such that $0 \in (-\epsilon,\epsilon) \subseteq A_{i_0}$.
Because of the fact that $x_n \rightarrow 0$ we have that $\exists m \in \mathbb{N}$ such that $x_n \in (-\epsilon,\epsilon) \subseteq A_{i_0}, \forall n \geq m$
Now for the terms $x_1,x_2....x_{m-1}$ we have that $\exists i_1,i_2...i_{m-1} \in I$
such that $x_1 \in A_{i_1},x_2 \in A_{i_2}.....x_{m-1} \in A_{m-1}$
So $B \subseteq A_{i_0} \cup A_{i_1} \cup.....\cup A_{m-1}$
So we proved that every open cover of $B$ has a finite subcover thus $B$ is a compact subset of the real line.
From Heine-Borel theorem we have that $B$ is closed and bounded.