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Seems more than fine for 40 hits a day.
Hell, for my intranet that gets a few hundred hits (1 per 5min) a day, I use a 300MHZ embedded ARM9 Orion box with 128Mb of RAM. It runs MySQL on Debian. For anything concerning the internet, you need a little more than that, since you could get a sudden surge of users, or what have you. ;)
In summery: That is more than you need, but good if you are planning to upsize.
Chris
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