$$\frac{1}{(n+1)4^{n+1}} < .001 $$
becomes
$$ 1000 < (n+1)4^{n+1}$$
Where do you go from here? Am I supposed to plug in a table of values for n?
n=1: 1000 < 32
n=2: 1000 < 192
n=3: 1000 < 1024
So, n=3 satisfies the inequality.
But, I've been told the answer is $n>3$
Assuming that we're solving the inequality over $\mathbb{N}$, we may use induction. First, one can already sense that there exists some $N$ such that the inequality, $$1000\lt(n+1)4^{n+1},\tag1$$ will be true for all $n\geqslant N$. A reasonable guess for such $N$ is, as you found, $N=3$. Now suppose that $(1)$ is true. Then $$ \begin{align} 1000\lt(n+1)4^{n+1} & \implies 1000\lt(n+2)4^{n+1}\lt (n+2)4^{n+1}\cdot 4 \\ &\implies 1000\lt(n+2) 4^{n+2}. \end{align}$$ Hence by induction, $(1)$ holds for all $n\geqslant3$.