Step 1: Understanding the potential gradient.
The potential gradient \( k \) is given by the formula:
\[
k = \frac{V}{L}
\]
where \( V \) is the potential difference across the potentiometer wire and \( L \) is the length of the wire. The total resistance in the circuit is \( 495 \, \Omega + 5 \, \Omega = 500 \, \Omega \). The current \( I \) in the circuit is:
\[
I = \frac{V_{\text{emf}}}{R_{\text{total}}} = \frac{4}{500} = 0.008 \, \text{A}
\]
The potential difference across the 5 \( \Omega \) wire is:
\[
V = I \times R = 0.008 \times 5 = 0.04 \, \text{V}
\]
Step 2: Calculating the potential gradient.
The potential gradient is:
\[
k = \frac{0.04}{4} = 0.01 \, \text{V/m}
\]
Step 3: Conclusion.
Thus, the correct answer is (B) 0.01 V/m.