Angular speed is $\omega=2\pi(500)/60=52.3599$ rad/s, giving torque $T=P/\omega=40000/52.3599=763.944$ N m. For a solid circular shaft, $\tau_{max}=16T/(\pi d^3)$. With $d=0.04$ m, $\tau_{max}=60.7927\times10^6$ Pa = 60.79 MPa.
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