The correct answer is 0.24 to 0.26 (approx).
To calculate the area of the region \( R \), we need to solve for the limits of integration that satisfy the inequality conditions \( \frac{1}{4} \leq xy \leq \frac{1}{2} \). Solving for \( y \) in terms of \( x \), we get the bounds of integration for \( y \) given \( x \), and integrate over the interval \( 0 \leq x \leq 1 \).
The area is computed using a double integral:
\[
\int_{0}^{1} \int_{\frac{1}{4x}}^{\frac{1}{2x}} dy \, dx
\]
After evaluating this integral, the area is found to be approximately 0.24.