Answer: The caret symbol (^) represents a power.
Step-by-step explanation:
In short, a power or an exponent indicates the number of times a number needs to be multiplied by itself. The caret can be used to represent a number that is to be used as an exponent.
For example, 5^2 is the same thing as
.
5 x 5 = 25.
In the example you provided, 1200 x (1.0041666667) ^ 48, the caret means that you need to raise 1.0041666667 to the power of 48.