First, we'd want to understand this in more mathematical means. We should understand that each percent can be changed into fraction or decimal means. For example, 1% would be equivalent to
, 30% would thus be equal to
. We'd want to convert the equation from English means to fractional and decimal means. We know that the word "of" means to multiple, so we want to multiply our 30% by 40% and the word "is" is simply an equal sign. After transforming to decimal means, we will get:
Here, we define our "what percent" by
as an unknown variable. We can simplify this equation by multiplying
by
. When doing so, we will get:

Hereon forth, we can simply divide both sides by 0.2

⇒ 
Turning 0.6 into a percentage again will be simple, you will have to move the decimal point over to the right by 2 spaces, landing you with the final answer of 60%!
Hope this helps, if there are any errors or issues, please let me know in the comments!