Hi Keisha,
The correlation coefficient is a measure of how much of the deviation is explained by the model. So the .7 would generally appear as a "tighter" fit of the data around a plot of the regression line than the R2 of .4. The b coefficient of each line could be totally different or they could be the same. b is an estimate of how much GPA increases or decreases for each exercising hour increase.
Hope this helps.
Jim