angle A formed by a right triangle with base length x and height = 12-4 = 8
has tangent = 8/x, so A=arctan(8/x)
angle B formed by another right triangle with base x and height 20-4 = 16
has tangent 16/x, with B= arctan(16/x)
angle for the near sighted cow's vision of the board is
B-A=arctan(16/x)-arctan(8/x)
take the derivative of B-A, with respect to x, set=0,solve for x = distance from the cow to the board that maximizes B-A
(B-A)' = 8/(64+x^2) - 16/(256+x^2)=0
1/(64+x^2)= 2/(256+x^2)
2(64+x^2)= (256+x^2)
128+2x^2 =256+x^2
x^2 = 128
x=8sqr2
= about 11.314 feet
B-A - arctan(sqr2)-arctan(1/sqr2)
B-A= about 19.471 degrees= angle maximizing cow's billboard view
this all assumes x is measured from the cow horizontally to a point vertically below the bottom of the billboard. if not,then add another wrinkle to the problem
if the cow is too nearsighted then the answer is No solution, Null set, DNE, { }, Does Not Exist