Which of the following statements is true according to the associative property of multiplication?

(5 × 4) × 20 ≠ 5 × (4 × 20)

(5 × 4) × 20 = (5 ÷ 4) ÷ 20

(5 × 4) × 20 ≠ 400

(5 × 4) × 20 = 5 × (4 × 20)