In a stationary (standing) wave, the distance between two successive nodes or two successive antinodes is equal to half of the wavelength.
\[
\text{Distance between successive nodes} = \frac{\lambda}{2}
\]
Given:
\[
\frac{\lambda}{2} = 34\ \text{cm}
\]
Converting into SI unit:
\[
34\ \text{cm} = 0.34\ \text{m}
\]
Therefore,
\[
\frac{\lambda}{2} = 0.34
\]
\[
\lambda = 2 \times 0.34
\]
\[
\lambda = 0.68\ \text{m}
\]
The relation between velocity, frequency, and wavelength is:
\[
v = f\lambda
\]
where:
• $v$ = velocity of sound
• $f$ = frequency
• $\lambda$ = wavelength
Given:
\[
f = 500\ \text{Hz}
\]
\[
\lambda = 0.68\ \text{m}
\]
Substituting the values:
\[
v = 500 \times 0.68
\]
\[
v = 340\ \text{m/s}
\]
Hence, the velocity of sound is:
\[
\boxed{340\ \text{m/s}}
\]
Final Answer: \(\boxed{B}\)