Step 1: Principle of conservation of momentum.
Since the shell is initially at rest, the total momentum before explosion is zero. Therefore, the vector sum of momenta of all three fragments after explosion must also be zero.
Step 2: Momentum of the first two fragments.
Momentum of first fragment:
\[
p_1 = \frac{M}{4} \times 3 = \frac{3M}{4}.
\]
Momentum of second fragment:
\[
p_2 = \frac{M}{4} \times 4 = M.
\]
These momenta are mutually perpendicular.
Step 3: Resultant momentum and velocity of the third fragment.
The resultant momentum of the first two fragments is
\[
p = \sqrt{\left(\frac{3M}{4}\right)^2 + M^2} = \frac{5M}{4}.
\]
The mass of the third fragment is
\[
M - \frac{M}{4} - \frac{M}{4} = \frac{M}{2}.
\]
Using conservation of momentum, the magnitude of velocity of the third fragment is
\[
v = \frac{\frac{5M}{4}}{\frac{M}{2}} = 2.5 \, \text{m s}^{-1}.
\]
Step 4: Conclusion.
The magnitude of velocity of the third fragment is \(2.5 \, \text{m s}^{-1}\).