If we imagined the velocity vector as the hypotenuse of a right angles triangle, therefore,
The horizontal component will be the adjacent side of 60 ft/sec with an adjacent angle of 40 degrees.
horizontal component = 60 x cos40 = 45.9626 ft/sec
The vertical component will be the opposite side of 60 ft/sec with an adjacent angle of 40 degrees.
vertical component = 60 x sin40 = 38.5672 ft/sec