ifとletを使うのが一番いいと思う

(define (pow1 x y)
(let ((z (delay (pow1 x (quotient y 2)))))
(cond ((zero? y) 1)
((zero? (modulo y 2)) (* (force z) (force z)))
(else (* x (force z) (force z))))))

(define (pow2 x y)
(let ((z #f))
(cond ((zero? y) 1)
((begin
(set! z (pow2 x (quotient y 2)))
(zero? (modulo y 2)))
(* z z))
(else (* x z z)))))