@pC, yes there would be errors on retransmitted data .
To account that case i propose-
$Total Transmissions =\mathbf{n/ 1-p}$
where p is error rate and n number of frames to be transmitted. p=0.01 then
$Total \, Transmissions =\mathbf{n/ 1-0.01}$
$=\mathbf{100n/ 99}$
then its better to take n as a multiple of 99.
i.e for n=99 total transmissions = 100
then $overhead \, ratio = \left ( (40*99)+ 4000 +40 \right ) / \left ( \left ( 100 * 4000 \right ) + 40 \right )$
$= 0.019998$
P.S : n could be 198, 297.....then respective total transmissions will be 200 , 300 and respective retransmission will be 2, 3.... .ie #NAK received 2 , 3.... respectively, but still overhead ratio = 0.019998
i think this solution is more accurate then what i have provided, but i need someone to verify it . Tell me if i am wrong somewhere.