We have been given that a bucket holds 121.4 ounces (oz) of water when full.
Further, we know that the bucket loses 0.04 oz of water per second.
We need to find the time when bucket will be 60% of its full volume.
Let us first find 60% of its full volume:

If we assume that bucket will be 60% of its full volume after x seconds, we can set up an equation:

Therefore, it will take the bucket 1214 seconds to get to 60% of full.