Here was my work in about 1min30sec, I chose answer C.
Here is the relevant info we have and the info we need:
# of students in orchestra: - if we find out this #, we know the # in both since 40% of this # will equal the # of students in both
# of students in marching band: 100 - given
# of students in both: if we find out this #, we know the # for orchestra
# of students not in orch/march.: ???? This is the answer we need
Total # of students: ??? - not given
statement 1: not sufficient
We find out how many students there are total which is good but we still don't know the # of students in orchestra or the # of students in both.
statement 2: not sufficient
We find out how many students are in orchestra which tells us the # of students in both. However, we don't know the total # of students so we still don't know how many students are in neither.
Both statements together will give us all of the information we need to find out how many students are in neither. Answer C.