Step 1 :Given that the initial amount of the substance, \(N_0\), is 120 grams, the decay constant, \(\lambda\), is 0.056 per minute, and the time, \(t\), is 40 minutes.
Step 2 :The decay of a radioactive substance can be modeled by the exponential decay formula: \(N = N_0 * e^{-\lambda t}\), where \(N\) is the final amount of the substance.
Step 3 :Substitute the given values into the formula: \(N = 120 * e^{-0.056*40}\).
Step 4 :Calculate the above expression to find the final amount of the substance, \(N\).
Step 5 :\(\boxed{N \approx 12.0 \text{ grams}}\). So, approximately 12.0 grams of the radioactive substance will remain after 40 minutes.