Step 1: Set Up with Intensity Formula:
For two coherent waves of equal intensity $I_0$ and phase difference $\phi$, the resultant is $I = 4I_0\cos^2(\phi/2)$.
Step 2: Center of the Screen:
At the center $\phi = 0$, so $\cos^2 0 = 1$. This gives $I = 4I_0$, which the question calls $I$. Hence $I_0 = I/4$.
Step 3: Close One Slit:
Interference stops. The screen center is lit by one slit only, and its intensity is $I_0$. Therefore the new intensity is $I/4$.
Step 4: Read Off the Option:
$I/4$ is the third printed option.
Final Answer:
\[\boxed{\frac{I}{4}\ \text{(option 3)}}\]