It is the value that when the base you have chosen for your log is raised to that value gives 40,000
log with no base indicated means log to any base, thought calculators often use it to mean logs to base 10, which is often abbreviated to lg
lg(40,000) = log{base 10} 40,000 ≈ 4.6021
ln(40,000) = log{base e} 40,000 ≈10.5966
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