Let [tex]x[/tex] be the amount (gal) of the 40% slime solution you end up using. You want to end up with 120 gal of the 50% solution, so that you would use [tex]120-x[/tex] gal of the 70% solution.
You want the final solution to consist of 50% slime, or 60 gal of slime. Each gal of the 40% solution contributes 0.4 gal of slime, while each gal of the 70% solution contributes 0.7 gal of slime. This means
[tex]0.4x+0.7(120-x)=0.5\cdot120=60[/tex]
[tex]\implies0.4x+84-0.7x=60[/tex]
[tex]\implies24=0.3x[/tex]
[tex]\implies x=80[/tex]
so the answer is B.