So, after 3 months (1 period), there will be 2(4) mice. After 6 months (two periods), there will be 2(4)(4) mice, etc.
24 months/3 = 8 periods
y = 2(48)
Be sure to only apply the exponent to the four. A common mistake is to do 2(4) = 8 and 88 = the answer. Remember, it's 2(4)(4)(4)...