Answer
Refer to the blue graph below.
Work Step by Step
The parent function of $y= 4^x-1$ is $y=4^x$.
Graph $y=4^x$ (refer to the black graph below).
Recall:
The graph of $y=f(x)-c$ involves a shift of $c$ units downward of the parent function $y=f(x)$.
The given function $y=4^x-1$ has $c=1$.
Thus, to graph the given function, shift the graph of $y=4^x$ one unit downward to obtain the blue graph below.
