1. The problem is to evaluate the expression $4^3$. 2. The expression $a^b$ means $a$ multiplied by itself $b$ times. 3. Here, $4^3$ means $4 \times 4 \times 4$. 4. Calculate step-by-step: $$4 \times 4 = 16$$ $$16 \times 4 = 64$$ 5. Therefore, the value of $4^3$ is $64$.