Execution time on non-pipelined machine=t
Execution time on m-stage pipelined machine=t/m+dm
Performance(P)= 1/(t/m+dm) =m/(t+dm2)
Cost of pipeline stage is given by
Cost(C)=c+mh
Performance/Cost ratio = m/(t+dm2) /(c+mh)
= m/(ct+mht+m2cd+m3dh)
So option(3) is the correct answer