First, we calculate the speed of the stone using the formula for circular motion.
The linear velocity \( v \) is related to the angular velocity \( \omega \) by the relation:
\[
v = r \omega
\]
where \( r = 1.5 \, \text{m} \) and \( \omega \) is the angular speed.
The number of revolutions per minute is given as 40 rev/min, which we convert to radians per second:
\[
\omega = 40 \times \frac{2\pi}{60} = \frac{4\pi}{6} = 2.094 \, \text{rad/s}
\]
So, the speed of the stone is:
\[
v = 1.5 \times 2.094 = 3.141 \, \text{m/s}
\]
Now, the tension \( T \) in the string is related to the centripetal force by:
\[
T = \frac{m v^2}{r}
\]
Substituting the known values:
\[
T = \frac{0.25 \times (3.141)^2}{1.5} = 6 \, \text{N}
\]
Next, we find the maximum speed \( v_{\text{max}} \) at which the stone can be whirled around, given the maximum tension of 200 N.
Using the formula for tension:
\[
T_{\text{max}} = \frac{m v_{\text{max}}^2}{r}
\]
Solving for \( v_{\text{max}} \):
\[
200 = \frac{0.25 \times v_{\text{max}}^2}{1.5}
\]
\[
v_{\text{max}}^2 = \frac{200 \times 1.5}{0.25} = 1200
\]
\[
v_{\text{max}} = \sqrt{1200} = 34.64 \, \text{m/s}
\]
Thus, the correct answer is (a).