Does 0.2 to the fourth power equal .16? Correct me if I’m wrong.

Remember that 0.2 is just another way of writing [tex] \frac{2}{10} [/tex]. Looking at the number as a fraction, we find that
[tex] \big(\frac{2}{10} \big)^4=\frac{2^4}{10^4} =\frac{16}{10,000} [/tex]
To write this number as a decimal, we start with the decimal just after the ones place and move it 4 places to the left:
16.0 → 1.6 → 0.16 → 0.016 → 0.0016