Step 1: Use Faraday’s Law of Electromagnetic Induction.
Induced emf is given by:
\[
\mathcal{E} = \frac{d\Phi}{dt}
\]
Step 2: Magnetic flux expression.
\[
\Phi = BA\cos\theta
\]
Here \( \theta = 45^\circ \) since directions are perpendicular diagonally.
Step 3: Convert area to SI units.
\[
A = 2\sqrt{2} \, \text{cm}^2 = 2\sqrt{2} \times 10^{-4} \, \text{m}^2
\]
Step 4: Calculate change in flux.
Since field becomes zero:
\[
\Delta \Phi = B A \cos 45^\circ
\]
\[
= 0.2 \times 2\sqrt{2}\times 10^{-4} \times \frac{1}{\sqrt{2}} = 0.4 \times 10^{-4}
\]
Step 5: Calculate induced emf.
\[
\mathcal{E} = \frac{\Delta \Phi}{\Delta t} = \frac{0.4 \times 10^{-4}}{0.4} = 1 \times 10^{-4} \, V
\]
Step 6: Use Ohm’s law to find current.
\[
I = \frac{\mathcal{E}}{R} = \frac{1 \times 10^{-4}}{2} = 0.5 \times 10^{-4} \, A
\]
Step 7: Final Answer.
\[
\boxed{0.5 \times 10^{-4} \, A}
\]