Initial state is fixed. Now from initial state, transitions for symbols $a$ and $b$ can be to any of the 4 states, so there are $4*4=2^4$ possibilities. Similarly, from 2nd, 3rd and 4th state, there are $2^4$ possible transitions for each state i.e. we have $2^4*2^4*2^4*2^4=2^{16}$ possible transitions.
Each state also has 2 possibilities of being final state or not, so there are $2^4$ possibilities for choosing final states.
So total number of DFAs = $2^{16}*2^4 = 2^{20}$.