Concept:
If the population doubles in a fixed time interval, then exponential growth is implied.
Here, the population doubles from \(40000\) to \(80000\) in \(20\) years.
ip
Step 1: Find the growth pattern.
Given:
\[
40000 \to 80000
\]
in \(20\) years.
So the population doubles every \(20\) years.
ip
Step 2: Find the number of doubling periods in the next \(40\) years.
Another \(40\) years means:
\[
\frac{40}{20}=2
\]
more doubling periods.
ip
Step 3: Calculate the population after \(40\) more years.
Starting from \(80000\),
\[
80000 \times 2^2 = 80000 \times 4 = 320000
\]
ip
Hence, the correct answer is:
\[
\boxed{(C)\ 320000}
\]