Step 1: State Henry's Law.
Henry's law is given by $P = K_H \cdot x$, where $P$ is the partial pressure, $K_H$ is Henry's law constant, and $x$ is the mole fraction.
Step 2: Apply Henry's Law to N$_2$ and O$_2$.
For N$_2$: $P_{N_2} = K_{H, N_2} \cdot x_{N_2} \implies x_{N_2} = \frac{P_{N_2}}{K_{H, N_2}}$
For O$_2$: $P_{O_2} = K_{H, O_2} \cdot x_{O_2} \implies x_{O_2} = \frac{P_{O_2}}{K_{H, O_2}}$
Step 3: Use the given values and the assumption $P_{N_2 = P_{O_2} = P$.}
$K_{H, N_2} = 76.48$ k bar
$K_{H, O_2} = 34.86$ k bar
Step 4: Calculate the ratio of mole fractions.
$$\frac{x_{N_2}}{x_{O_2}} = \frac{P/K_{H, N_2}}{P/K_{H, O_2}} = \frac{K_{H, O_2}}{K_{H, N_2}} = \frac{34.86 \text{ k bar}}{76.48 \text{ k bar}}$$
$$\frac{x_{N_2}}{x_{O_2}} \approx 0.4557$$
Rounding to two decimal places, the ratio is approximately 0.46, which is closest to option 4 (0.45).
Final Answer: The final answer is $\boxed{0.45}$