1. Calculate inside the parenthesis: 7^3 = 343
2. Multiply the result by 3: 343 \times 3 = 1029
3. Raise the result to the power of 2: (1029)^2 = 1029 \times 1029 = 1509489
Thus, the final result is: (7^3 \times 3)^2 = 1509489
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