What does ^ sign mean on a vector?

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I have a maths homework question Given the vector b find bˆ

The symbol is actually above the b, but I am not sure what it means. Guessing it means to find the unit vector of b?

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Yes, that is a common notation for the "unit vector in the direction of $b$". That is, $$ \hat b = \frac{1}{\|b\|} \cdot b $$