I am unfamiliar with the ^ Character in a formula. What does it mean:

Example:
=+IF(T$3840,$C416/12*(1+$C$415)^2,0)+IF(U$384=1,$C416/12*(1+$C$415)^2,0)+IF(V$384=1,$C416/12*(1+$C$415)^2,0)

Thank you

Ross