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Electromagnetic Induction question for JEE Main (JEE Main 2020 (8 Jan, Shift 1)), with solution

Q 12-06-121JEE MainJEE Main 2020 (8 Jan, Shift 1)Medium

At time $t = 0$, a magnetic field of $1000$ gauss is passing perpendicularly through the area defined by the closed loop shown in the figure. If the magnetic field reduces linearly to $500$ gauss in the next $5$ s, then the induced EMF in the loop is:

Closed loop shaped like a 16 cm by 4 cm rectangle with a V-shaped notch 2 cm deep cut into each short side
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