Total number of students = 120.
40% of the students are females, so the number of female students is:
\[ 40\% \times 120 = 48 \, \text{females} \]
The number of male students is:
\[ 120 - 48 = 72 \, \text{males} \]
50% of the female students passed the exam, so the number of female students who passed the exam is:
\[ 50\% \times 48 = 24 \, \text{females passed} \]
The total number of students who passed the exam is 72, and since 24 females passed, the number of male students who passed is:
\[ 72 - 24 = 48 \, \text{males passed} \]
The percentage of male students who passed the exam is:
\[ \frac{48}{72} \times 100 = 66.66\% \]
The correct answer is (b) 66.66%.