Accepted answer
It gives 13.33 mg/mL, and whether that is sensible depends on the dose you will draw from it. 40 ÷ 3 = 13.33 mg/mL in 0.9% sodium chloride. A 0.5 mg dose is then 3.8 units on a U-100 barrel and a 1 mg dose is 7.5 units. The smaller dose lands too low on the scale to read accurately — more diluent would buy resolution you cannot recover later.
Start from the dose you intend to draw and work backwards to the volume that puts it in a readable part of the barrel.
The other direction: 10 mg in 3 mL is 3.33 mg/mL, and a 0.5 mg dose becomes 0.15 mL, or 15 units. More barrel, easier reading, and a larger fraction of the vial volume lost to dead space across the same number of draws.
Round to a diluent volume you can measure accurately. Measuring 1.00 mL on a 1 mL syringe is reliable; measuring 1.37 mL on anything is not, and the error propagates into every dose.
Insulin syringe barrel graduations are typically 1 unit on a 0.3 mL barrel, 1 unit on a 0.5 mL barrel and 2 units on a 1 mL barrel, which is why the barrel size changes what is readable.
Concentration equals content over volume, and content is not label claim.