Official NTA Answer Key & Analysis:
Official Answer Key: Option 2 (0.04) is marked as the correct answer in the official NTA answer key.
Academic & Statistical Context: In standard hypothesis testing theory with symmetric distributions, a two-tailed p-value accounts for extreme deviations in both tails: $p_{\text{two-tailed}} = 2 \times p_{\text{one-tailed}}$. Thus, strictly dividing would yield $p_{\text{one-tailed}} = 0.02 / 2 = 0.01$ (Option 1). However, the examination key designated Option 2 (0.04), which results either from treating the conversion in reverse (i.e. doubling $0.02 \times 2 = 0.04$) or from a common pedagogical convention where the paper setter formulated the question considering one-tailed to two-tailed doubling.