I know that $i$ is the imaginary unit that satisfies $i^2 = -1$. So I can use the exponent rules to rewrite $\left(\frac{i}{4}\right)^4$ as $\left(\frac{i^4}{4^4}\right)$. Then I can simplify $i^4$ by using the fact that $i^4 = (i^2)^2 = (-1)^2 = 1$. So I have $\left(\frac{1}{4^4}\right)$, which is just $\frac{1}{256}$. 
Evaluate $\left(\frac{i}{4}\right)^4$.