Step 1: Write the formula for modulation index.
For an amplitude modulated wave,
\[
m=\frac{A_{\max}-A_{\min}}{A_{\max}+A_{\min}}
\]
where
\[
A_{\max}=\text{maximum amplitude}
\]
and
\[
A_{\min}=\text{minimum amplitude}
\]
Step 2: Substitute the given values.
Given,
\[
A_{\max}=20\ \text{V}
\]
\[
A_{\min}=4\ \text{V}
\]
Therefore,
\[
m=\frac{20-4}{20+4}
\]
\[
m=\frac{16}{24}
\]
\[
m=\frac{2}{3}
\]
\[
m\approx0.67
\]
Step 3: Final conclusion.
Therefore, the modulation index is
\[
\boxed{0.67}
\]