What percentage of 40 IS 120?

I used the formula:

40 =x*120
-40 -40
x= 80%
to me this seems way to high as 40 goes into 120 three times making it 33%. Am I using the wrong formula? According to the text book, it seems to be the right answer, but does not sit well with me, looks incorrect. Please advise

Since 120 is more than 40 -- the percentage must be well above 100.

Try this formula.

0.4x = 120
x = 120/0.4
x = ? %