Find the value of 'b' in the given mathematical statement:

30% of b% of 296 = 40% of 50% of 5% of 1480

$\frac{50}{3}$

30% of b% of 296 = 40% of 50% of 5% of 1480

\(\frac{30}{100}\) ×  \(\frac{b}{100}\) ×  296 = \(\frac{40}{100}\) ×  \(\frac{50}{100}\) ×  \(\frac{5}{100}\) × 1480

\(\frac{3}{10}\) ×  \(\frac{b}{100}\) ×  296 = \(\frac{2}{5}\) ×  \(\frac{1}{2}\) ×  \(\frac{1}{20}\) × 1480

b = \(\frac{50}{3}\)