Step 1: Formula for porosity.
\[
\varepsilon = \frac{\rho_t - \rho_b}{\rho_t}
\]
where \(\rho_t\) = true density, \(\rho_b\) = bulk density.
Step 2: Substitute values.
\[
\varepsilon = \frac{1280 - 740}{1280} = \frac{540}{1280}
\]
\[
\varepsilon = 0.421875
\]
Step 3: Round off.
\[
\varepsilon \approx 0.42 \; \text{or} \; 42.19%
\]
Final Answer:
\[
\boxed{0.42 \; (42.19%)}
\]