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tobeeepe
No. 40% is for conduit area and not for current. You take the current as it is. Table has the 40% multiplication for area done for you. Column 4 from left in Table 4 has 100% which is 2341. And 2341*0.4=937 is what you read from the 40% column.
In fact, it is even easier when you used Table C.4 in Annex C. All you do is find THHN #1 row and go right looking for 6 conductors. You go past 5 then hit 9 which is the right size. It is Metric 53 and Trade size 2 (top of the column). You didn't have to do any current calculation.
But I am not an expert in this area. So let's see if the experts approve my approach.
I shouldn't have mentioned 'current' in my repsonse. I was actually refering to area. If you use Table C.4, you don't have to calculate area.