To solve this problem, we need to apply the concept of kinetic energy and the work-energy principle. The work done is equal to the change in kinetic energy of the bullet.
The kinetic energy formula is:
KE = \frac{1}{2}mv^2
Thus,
KE_{\text{initial}} = \frac{1}{2} \times 0.01 \times (1000)^2 = 5 \times 10^3 \, \text{Joules}
Thus,
KE_{\text{final}} = \frac{1}{2} \times 0.01 \times (500)^2 = 1.25 \times 10^3 \, \text{Joules}
W = KE_{\text{initial}} - KE_{\text{final}}
Therefore,
W = 5000 - 1250 = 3750 \, \text{Joules}
Thus, the work done in overcoming the resistance of air is 3750 Joules, which corresponds to the correct answer.