Step 1: Formula first
For launch speed $v$, $h=\dfrac{R}{\dfrac{V_e^2}{v^2}-1}$, derived from energy conservation.
Step 2: Substitute
With $v=KV_e$, $\dfrac{V_e^2}{v^2}=\dfrac{1}{K^2}$.
Step 3: Simplify
$h=\dfrac{R}{\dfrac{1}{K^2}-1}=\dfrac{RK^2}{1-K^2}$, option (C).
Final Answer:
The height reached is R K squared over 1 minus K squared.
\[ \boxed{\text{(C) }\dfrac{RK^{2}}{1-K^{2}}} \]