A neat way to see this problem is through the idea of a Bernoulli trial repeated every year. In any single year, the chance that this rainfall depth is met or exceeded is $p = 1/T = 1/40 = 0.025$, so naturally the chance that it is NOT met in that year is $1-p = 0.975$. Since successive years are independent of each other from a probability standpoint, the chance that the rainfall stays below this value in every one of the 20 years is the product of 20 identical factors, $(0.975)^{20}$. Taking logarithms, $\ln(0.975) \approx -0.02532$, so $20\ln(0.975) \approx -0.5064$, giving $(0.975)^{20} \approx e^{-0.5064} \approx 0.603$. The event we actually want, "at least one exceedance in 20 years," is simply everything except "no exceedance in all 20 years," so its probability is $P = 1-(0.975)^{20} \approx 1-0.603 = 0.397$. This value falls inside the accepted band of $0.350$ to $0.450$, confirming the computation.
\[\boxed{P \approx 0.397}\]