The magnification produced by a spherical refracting surface is the ratio of image height to object height. For a point source on the axis, we look at the lateral magnification formula: $m = \frac{n_1 v}{n_2 u}$.
First, let's establish the image location using the lens maker's related formula for a single surface: $\frac{n_2}{v} - \frac{n_1}{u} = \frac{n_2 - n_1}{R}$.
Here, $n_1 = 1$, $n_2 = 1.4$, $u = -4R$, and $R = R$.
Calculating image distance $v$:
$$\frac{1.4}{v} + \frac{1}{4R} = \frac{0.4}{R}$$
Multiplying the whole equation by $4Rv$:
$$1.4(4R) + v = 0.4(4v)$$
$$5.6R + v = 1.6v$$
$$5.6R = 0.6v$$
$$v = \frac{5.6}{0.6} R = \frac{56}{6} R = \frac{28}{3} R$$
Now, applying the magnification formula:
$$m = \frac{n_1}{n_2} \cdot \frac{v}{u}$$
$$m = \frac{1}{1.4} \cdot \frac{28R/3}{-4R}$$
$$m = \frac{1}{1.4} \cdot \left( -\frac{28}{12} \right) = \frac{1}{1.4} \cdot \left( -\frac{7}{3} \right)$$
$$m = -\frac{7}{4.2} = -\frac{70}{42} = -\frac{5}{3} \approx -1.666$$
The magnitude of the magnification is $| -5/3 | = 1.66$.