1. The problem is to evaluate the expression $2^4$. 2. The formula for exponentiation is $a^b = a \times a \times \cdots \times a$ ($b$ times). 3. Here, $a=2$ and $b=4$, so we multiply 2 by itself 4 times. 4. Calculate step-by-step: $$2^4 = 2 \times 2 \times 2 \times 2$$ 5. Multiply the first two: $$2 \times 2 = 4$$ 6. Multiply the result by the next 2: $$4 \times 2 = 8$$ 7. Multiply the result by the last 2: $$8 \times 2 = 16$$ 8. Therefore, the value of $2^4$ is $16$.