For a square matrix \(P\), if its eigenvalues are \( \lambda_1 \) and \( \lambda_2 \), the eigenvalues of its inverse matrix \( P^{-1} \) are given by the reciprocals of the eigenvalues of \(P\). That is, the eigenvalues of \( P^{-1} \) are \( \frac{1}{\lambda_1} \) and \( \frac{1}{\lambda_2} \).
Given that the eigenvalues of \( P \) are 4 and 2, the eigenvalues of \( P^{-1} \) are:
\[
\frac{1}{4} = 0.25 \quad \text{and} \quad \frac{1}{2} = 0.5.
\]
Thus, the correct answer is (C).