Step 1: Plan:
Find the change in flux over the whole interval and divide by time.
Step 2: Steps:
Initial flux $= BA = 0.5\times0.01 = 5\times10^{-3}$ Wb, final flux $= 0$. Change $= 5\times10^{-3}$ Wb in $0.5$ s.
$\varepsilon = \frac{5\times10^{-3}}{0.5} = 10^{-2}$ V $= 10$ mV. The emf is steady, so the instant $0.25$ s gives the same value.
Final Answer:
The induced emf is $10$ mV, option (B).
\[ \boxed{10\ \text{mV}} \]