Step 1: Concept of energy conservation.
When a photon is absorbed and then emitted in multiple steps, total energy absorbed equals total energy emitted.
\[
E_{\text{absorbed}} = E_1 + E_2
\]
Energy of photon is given by:
\[
E = \frac{hc}{\lambda}
\]
Step 2: Writing the energy balance equation.
Let the second emitted wavelength be \(\lambda_2\).
\[
\frac{hc}{\lambda_{\text{absorbed}}} = \frac{hc}{\lambda_1} + \frac{hc}{\lambda_2}
\]
Cancel \(hc\):
\[
\frac{1}{\lambda_{\text{absorbed}}} = \frac{1}{\lambda_1} + \frac{1}{\lambda_2}
\]
Step 3: Substituting given values.
\[
\lambda_{\text{absorbed}} = 4.0 \times 10^{-7} \, m
\]
\[
\lambda_1 = 7.5 \times 10^{-7} \, m
\]
\[
\frac{1}{4.0 \times 10^{-7}} = \frac{1}{7.5 \times 10^{-7}} + \frac{1}{\lambda_2}
\]
Step 4: Simplifying the equation.
\[
\frac{1}{4.0 \times 10^{-7}} = 2.5 \times 10^{6}
\]
\[
\frac{1}{7.5 \times 10^{-7}} = 1.33 \times 10^{6}
\]
\[
2.5 \times 10^{6} = 1.33 \times 10^{6} + \frac{1}{\lambda_2}
\]
Step 5: Solving for \(\frac{1}{\lambda_2}\).
\[
\frac{1}{\lambda_2} = 2.5 \times 10^{6} - 1.33 \times 10^{6}
\]
\[
\frac{1}{\lambda_2} = 1.17 \times 10^{6}
\]
Step 6: Finding \(\lambda_2\).
\[
\lambda_2 = \frac{1}{1.17 \times 10^{6}}
\]
\[
\lambda_2 \approx 8.57 \times 10^{-7} \, m
\]
Step 7: Converting to nm and final answer.
\[
\lambda_2 = 857 \, nm
\]
\[
\boxed{857 \, nm}
\]
Hence, the correct answer is option (B).