Question: how do i solve this: $1000 at 6% interest for 3 years = ______ i found this equation: 1000 * (1 + .06)^3-1000 what does

how do i solve this:
$1000 at 6% interest for 3 years = ______
i found this equation:
1000 * (1 + .06)^3-1000
what does ^ mean?

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