"To the power of" -- exponentiation. 2^3 means 2 cubed, which is 8.
For a brief description of Excel operators, go to Help > Excel Help
(F1), type "operators" in the search field, and click on "about
calculation operators".
=2^3 is 2 raised to the power of 3, or =2*2*2, or =POWER(2,3)
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