The correct option is (1) \(\frac{1}{2}\).
\(\Delta x = \frac{7\lambda}{4}\)
\(\therefore \Delta \phi = \frac{2\pi}{\lambda} \Delta x = \frac{7\pi}{2}\)
Now intensity at given point is \(I = 4I_0 cos^2 \frac{\Delta \phi}{2}\) \(= 4I_0 cos^2 \frac{7\pi}{4} = 2I_0\)
\(\therefore \frac{I}{4I_0} = \frac{1}{2}\)