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\frac{2^{4}}{4^{3}}
Calculate 4 to the power of 1 and get 4.
\frac{16}{4^{3}}
Calculate 2 to the power of 4 and get 16.
\frac{16}{64}
Calculate 4 to the power of 3 and get 64.
\frac{1}{4}
Reduce the fraction \frac{16}{64} to lowest terms by extracting and canceling out 16.