It is almost exactly a quarter of a mile. Once around a typical Track and Field oval. The distance the relay runners go, 4 x 100 meters. 40 acres (16 hectares) is a 400 meters by 400 meters roughly.
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1 mile = 1609 meters 400 meters = 400/1609 miles ~ one fourth mile
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400 meters = about 1,312.34 feet.
400 yards = 365.76 meters.
400 meters = 437.45 yards.