Step 1: Approach
Use work divided by heat taken in.
Step 2: Per 500 units of heat
For a reversible engine $\dfrac{Q_2}{Q_1}=\dfrac{T_2}{T_1}=\dfrac35$. So of every 5 units of heat taken in, 3 are rejected and 2 become work.
Step 3: Efficiency
$\dfrac25=40\%$. Option (D).
Final Answer:
The efficiency is 1 - 300/500 = 40 percent, option (D).
\[ \boxed{40\%} \]