Step 1 :The problem involves rates of work. The rate of work of the inlet pipe is 1 pool per 40 hours, and the rate of work of the drain pipe is -1 pool per 42 hours (negative because it's emptying the pool). When both pipes are open, their rates of work add together.
Step 2 :The pool is initially \( \frac{2}{3} \) filled, so we need to find out how long it takes for the combined pipes to fill the remaining \( \frac{1}{3} \) of the pool.
Step 3 :We can set up the equation as follows: \( \frac{1}{40} - \frac{1}{42} \) * t = \( \frac{1}{3} \), where t is the time it takes to fill the remaining \( \frac{1}{3} \) of the pool.
Step 4 :Solving this equation for t, we get t = 280 hours.
Step 5 :This means it will take 280 hours to fill the remaining \( \frac{1}{3} \) of the pool when both the inlet and drain pipes are open.
Step 6 :Final Answer: \( \boxed{280} \) hours.