Michael J. answered 05/18/15
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The carrot key allows you to express any numerical as an exponent. For example, ^2 is second power, ^3 is third power, ^4 is fourth power, etc.
To make the carrot sign, press SHIFT, hold, then press 6.

David W.
In many computer programming languages, '*' means multiply and '**' means exponent.
In Microsoft Excel, exponent is '^' and '**" means times 10^x. So, 2^4 = 16 and 2**4 = 20000.
Hmm...interesting.
05/18/15