This problem involves Newton's Law of Cooling, which can be expressed as:
\[
\frac{dT}{dt} = -k(T - T_{\text{air}}),
\]
where \( T \) is the temperature of the body, \( T_{\text{air}} \) is the ambient temperature (temperature of the air), and \( k \) is a constant.
The temperature changes from \( 40^\circ \text{C} \) to \( 24^\circ \text{C} \) in 4 minutes. Using Newton's Law of Cooling, we can compute the constant \( k \) and then apply it to determine the temperature change in the next 4 minutes. Based on the given information and applying the necessary calculations, the temperature after 4 more minutes is:
\[
T = 24 - \left( 24 - 16 \right) \times \left( \frac{4}{4 + 4} \right) = \frac{28}{3} \, ^\circ \text{C}.
\]
Final Answer: \( \frac{28}{3} \, ^\circ \text{C} \).