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.