Step 1: Identify the substrate.
Ethylbenzene is a benzene ring carrying an ethyl side chain, $\text{C}_6\text{H}_5\text{-CH}_2\text{-CH}_3$.
Step 2: Spot the reactive site.
The carbon attached to the ring is the benzylic carbon and it bears benzylic hydrogens, which are easily oxidised.
Step 3: Note the role of nitric acid here.
Hot concentrated nitric acid acts as a strong oxidising agent on the side chain rather than nitrating the ring, since no sulphuric acid is present.
Step 4: Apply the side-chain oxidation rule.
Any alkyl side chain with a benzylic hydrogen is oxidised all the way down to a single $-\text{COOH}$ group on the ring, regardless of chain length.
Step 5: Track the carbons.
The benzylic carbon becomes the carboxyl carbon, while the terminal methyl carbon leaves as carbon dioxide.
Step 6: Write the product.
$\text{C}_6\text{H}_5\text{-CH}_2\text{-CH}_3 \xrightarrow{\text{HNO}_3,\ \Delta} \text{C}_6\text{H}_5\text{-COOH}$, that is benzoic acid.
Step 7: Choose the answer.
The product is benzoic acid, which is option (4).
\[ \boxed{\text{Ethylbenzene} \rightarrow \text{Benzoic acid}} \]