Step 1: Using the formula for kinetic energy.
Kinetic energy is given by:
\[
K = \frac{1}{2} m v^2
\]
Where:
- \( m_1 = 1 \, \text{g} \), \( m_2 = 4 \, \text{g} \)
- \( v_1 \) and \( v_2 \) are the velocities of the masses.
Since the kinetic energies are equal:
\[
\frac{1}{2} m_1 v_1^2 = \frac{1}{2} m_2 v_2^2
\]
Simplifying, we get:
\[
m_1 v_1^2 = m_2 v_2^2
\]
Step 2: Solving for velocities.
We can solve for the velocities in terms of the masses:
\[
v_1 = \sqrt{\frac{m_2}{m_1}} v_2
\]
Substituting \( m_1 = 1 \, \text{g} \) and \( m_2 = 4 \, \text{g} \):
\[
v_1 = \sqrt{4} v_2 = 2 v_2
\]
Step 3: Calculating the momenta.
Momentum is given by \( p = mv \). Thus, the momenta of the two masses are:
\[
p_1 = m_1 v_1 = 1 \times 2 v_2 = 2 v_2
\]
\[
p_2 = m_2 v_2 = 4 \times v_2 = 4 v_2
\]
The ratio of the momenta is:
\[
\frac{p_1}{p_2} = \frac{2 v_2}{4 v_2} = \frac{1}{2}
\]
Thus, the ratio of the magnitudes of the momenta is \( \sqrt{2}:1 \), corresponding to option (B).