Step 1: Use energies in units of hc/lambda
Let $E_1 = \dfrac{hc}{\lambda} = 1$ unit. Then the photon energy for $1.5\lambda$ is $\dfrac{2}{3}$ unit.
Step 2: Equations
$K_1 = 1 - \phi$ and $K_2 = \dfrac{2}{3} - \phi$, where $K_2 = \dfrac{K_1}{4}$.
Step 3: Solve
$\dfrac{1 - \phi}{4} = \dfrac{2}{3} - \phi$, so $1 - \phi = \dfrac{8}{3} - 4\phi$ and $3\phi = \dfrac{5}{3}$, giving $\phi = \dfrac{5}{9}$ unit.
Step 4: Threshold
Since $\phi = \dfrac{hc}{\lambda_0} = \dfrac{5}{9}\cdot\dfrac{hc}{\lambda}$, we get $\lambda_0 = \dfrac{9\lambda}{5}$.
Final Answer:
The threshold wavelength is 9 lambda / 5. This is option (D).
\[ \boxed{\text{(D) }\frac{9}{5}\lambda} \]