Concept:
Relation between molar conductivity ($\Lambda_m$) and conductivity ($\kappa$):
\[
\Lambda_m = \frac{\kappa \times 1000}{C}
\Rightarrow \kappa = \frac{\Lambda_m \times C}{1000}
\]
Step 1: Substitute values.
\[
\kappa = \frac{230.5 \times 0.02}{1000}
\]
Step 2: Calculate.
\[
\kappa = \frac{4.61}{1000} = 0.00461 \, \Omega^{-1} \text{ cm}^{-1}
\]
Step 3: Conclusion.
Thus, conductivity = $0.00461 \, \Omega^{-1} \text{ cm}^{-1}$.
Final Answer: Option (C)