104-bit is equivalent to 128-bit. Inside 802.11 frames, there is a field call IV (initialization vector). The length of IV is 24bit. AP or client concatenates IV and the WEP key and use that to encrypt and decrypt data. This gives more randomness for the encryption key. As a result, 40-bit encryption is equivalent to 60-bit (40-bit wep key + 24-bit IV) and 104-bit encryption is equivalent to 128-bit (104-bit wep key + 24-bit IV).
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