Step 1: Write the drag polar equation.
The drag polar is
\[
C_D=C_{D0}+kC_L^2.
\]
Given,
\[
C_D=0.020+0.040C_L^2.
\]
Step 2: Substitute the given value of lift coefficient.
For aspect ratio \(4\), the lift coefficient is
\[
C_L=\frac12.
\]
Hence,
\[
C_D
=
0.020+0.040\left(\frac12\right)^2.
\]
\[
=
0.020+0.040\left(\frac14\right).
\]
\[
=
0.020+0.010.
\]
\[
=
0.030.
\]
Therefore,
\[
\boxed{0.030}
\]
is the correct answer.
Thus,
\[
\boxed{(B)}
\]
is the correct answer.