Side of square loop $=10\,cm=0.1\,m$
Area of square loop, $A=0.01\,m^{2}$
Magnetic field of loop $=1\,T$
The square loop is placed vertically in the east-west plane and the magnetic field is applied along north-east direction. So angle between area vector and magnetic field is, $\theta=45^{\circ}$.
The flux through the loop, $\phi=AB\,cos\,\theta$
$=(0.01) (1) \, cos\,45^{\circ}$
$=0.007 =7 \times 10^{-3}\,Wb$
The magnetic field is reduced to zero in time $0.7\,sec$
So,induced emf is, $e=\frac{d\phi}{dt}$
$=\frac{7\times10^{-3}}{0.7}$
$\frac{1}{100}V$
$=10\,mV$