Step 1: State the first order rate equation.
For a first order reaction:
\[
k=\frac{2.303}{t}\log\frac{a}{a-x}
\]
where:
- $k$ = rate constant
- $t$ = time
- $a$ = initial concentration
- $x$ = amount decomposed
Step 2: Determine amount remaining after decomposition.
Given $80%$ reactant decomposes in $60$ minutes.
Therefore, reactant left:
\[
100%-80%=20%
\]
So,
\[
\frac{a-x}{a}=0.20
\]
Hence:
\[
\frac{a}{a-x}=\frac{1}{0.20}=5
\]
Step 3: Substitute values in formula.
\[
k=\frac{2.303}{60}\log 5
\]
Using:
\[
\log 5 = 0.6990
\]
\[
k=\frac{2.303 \times 0.6990}{60}
\]
Step 4: Calculate rate constant.
\[
k=\frac{1.6098}{60}
\]
\[
k=0.0268\ \text{minute}^{-1}
\]
\[
k=2.68\times10^{-2}\ \text{minute}^{-1}
\]
Step 5: Conclude the correct option.
Therefore, the rate constant is:
\[
\boxed{2.68\times10^{-2}\ \text{minute}^{-1
\]