Data Sufficiency

(1) Of the students who received a P, 40% are females and 60% are males. But this does not give us the % of females in the class. So, (1) is NOT SUFFICIENT.

(2) Of the students who received F or I, 80% are males implies 20% are females. But again this does not give us the % of females in the class. So, (2) is NOT SUFFICIENT.

Combining (1) and (2), also does not answer the question, as we don't know the exact number in either of the statements.
If P = 500 and F or I = 100, then out of 500 students getting P, 200 are females and 300 are males. Out of 100 students receiving F or I, 80 are males, 20 are females.
Combine this number: 220 are females and 380 are males out of 600 students in class implies approximately 36% females in class.
If P = 100 and F or I = 100, then out of 100 students getting P, 40 are females and 60 are males. Out of 100 students receiving F or I, 80 are males, 20 are females.
Combine this number: 60 are females and 140 are males out of 200 students in class implies 30% females in class.
So, it can be seen that answer may vary according to the number.

The correct answer is E.