An acre is a measurement of area not a linear measurement.
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Exactly 40 acres.
The circumference of a circle can be found using the formula C = πd, where C is the circumference and d is the diameter. In this case, the diameter is 40 feet. So, the circumference would be C = π(40) = 40π feet, or approximately 125.66 feet.
1742400 square ft
127.324 ft2
If it is exactly 40 acres square it will take one mile of fencing or 5,280 feet. However most tracts of land are 40 acres more or less meaning they are approximately 40 acres. 40 acres is one quarter mile long on each side more or less.