The beat frequency (\( f_{\text{beat}} \)) is the difference between two frequencies:
\[
f_{\text{beat}} = f_1 - f_2,
\]
where \( f_1 \) and \( f_2 \) are the frequencies corresponding to the wavelengths \( \lambda_1 \) and \( \lambda_2 \), respectively.
Step 1: Calculate the beat frequency
Given the number of beats and time:
\[
f_{\text{beat}} = \frac{\text{Number of beats}}{\text{Time}} = \frac{40}{12} \, \text{Hz}.
\]
Simplifying:
\[
f_{\text{beat}} = \frac{10}{3} \, \text{Hz}.
\]
Step 2: Relating wavelength to velocity and frequency
The frequency of a wave is related to its velocity by the equation:
\[
f = \frac{v}{\lambda}.
\]
Using the given wavelengths \( \lambda_1 = 4.08 \, \text{m} \) and \( \lambda_2 = 4.16 \, \text{m} \), we have:
\[
f_1 = \frac{v}{4.08}, \quad f_2 = \frac{v}{4.16}.
\]
Step 3: Solve for the velocity \( v \)
The beat frequency is the difference in frequencies:
\[
f_{\text{beat}} = f_1 - f_2 = \frac{v}{4.08} - \frac{v}{4.16}.
\]
Simplifying:
\[
\frac{10}{3} = v \left(\frac{1}{4.08} - \frac{1}{4.16}\right).
\]
Now, calculate the difference in reciprocals:
\[
\frac{1}{4.08} - \frac{1}{4.16} = \frac{4.16 - 4.08}{4.08 \cdot 4.16} = \frac{0.08}{16.9728}.
\]
Substitute this value:
\[
\frac{10}{3} = v \cdot \frac{0.08}{16.9728}.
\]
Solving for \( v \):
\[
v = \frac{\frac{10}{3} \cdot 16.9728}{0.08} = 707.2 \, \text{m/s}.
\]
Final Answer:
\[
\boxed{707.2 \, \text{m/s}}.
\]