Step 1: Find the velocities of the source and observer.
Initially both are at rest.
Velocity of the observer after
\[
5\text{ s}
\]
is
\[
v_o
=
at
=
4\times5
=
20\text{ ms}^{-1}.
\]
Velocity of the source after
\[
5\text{ s}
\]
is
\[
v_s
=
2\times5
=
10\text{ ms}^{-1}.
\]
Step 2: Apply the Doppler effect formula.
For the source and observer moving towards each other,
\[
f'
=
f
\left(
\frac{v+v_o}{v-v_s}
\right).
\]
Substituting,
\[
f'
=
990
\left(
\frac{340+20}{340-10}
\right)
=
990
\left(
\frac{360}{330}
\right).
\]
\[
=
990\times\frac{12}{11}
=
1080\text{ Hz}.
\]
Step 3: Write the answer.
Hence,
\[
\boxed{1080\text{ Hz}}.
\]
Thus,
\[
\boxed{(B)}
\]
is the correct answer.