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The symbol ^ means power or exponentiation.
For example:
If you are writing 2^3, it means that 2×2×2 and you will get 8. Similarly you can do this exercise for other numbers as well.
In an Excel formula, when you are given data assigned to two different variables x, y or a,b, you can write the formula as either x^y or a^b and the values will be automatically calculated for the given dataset.
You can try this. Please feel free to revert back to me if you have any queries regarding this or any other excel questions.
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