Step 1: Differentiate each part with respect to $t$.
From $x = at^4$ we get $\dfrac{dx}{dt} = 4at^3$. From $y = 2at^2$ we get $\dfrac{dy}{dt} = 4at$.
Step 2: Get the first slope.
Divide one by the other.
\[ \frac{dy}{dx} = \frac{4at}{4at^3} = \frac{1}{t^2} \]
Step 3: Differentiate the slope, then divide again.
The second derivative needs us to differentiate $\dfrac{dy}{dx}$ with respect to $t$, and then divide by $\dfrac{dx}{dt}$ once more. First, $\dfrac{d}{dt}\left(t^{-2}\right) = -2t^{-3}$.
\[ \frac{d^2y}{dx^2} = \frac{-2t^{-3}}{4at^3} \]
Step 4: Tidy up.
\[ \frac{d^2y}{dx^2} = \frac{-2}{4at^6} = -\frac{1}{2at^6} \]
That is option 4.
\[ \boxed{-\dfrac{1}{2at^6}} \]