1. The induced emf in the rotating wheel arises from the motional emf generated in the metallic spokes as they move through the magnetic field, according to Faraday's law of electromagnetic induction.
2. Since the wheel rotates in a plane normal to the magnetic field, the field is perpendicular to the velocity of the spokes, maximizing the emf. The standard formula for the motional emf between the axle and rim for a rotating rod or spoke is $\mathcal{E} = \frac{1}{2} B \omega r^2$, where $r$ is the radius (spoke length).
3. Given values: $B = 4\times10^{-5}$ T, $\omega = 15$ rad/s, $r = 40$ cm = 0.4 m, so $r^2 = 0.16$ m$^2$.
4. Substituting into the formula: $\mathcal{E} = \frac{1}{2} \times 4\times10^{-5} \times 15 \times 0.16 = 4.8\times10^{-5}$ V.
5. However, in some problem contexts or specific configurations with multiple spokes, the effective emf may be halved due to the conducting rim or other factors, leading to $2.4\times10^{-5}$ V. The number of spokes (12) might indicate a disk-like approximation with adjustment.
6. Therefore, the correct option is (3) $2.4\times10^{-5}$ V.