Step 1: Concept
The number of orbitals in a sublevel is given by the formula $(2l + 1)$.
Step 2: Meaning
Degenerate orbitals are orbitals within the same subshell that have the same energy.
Step 3: Analysis
Setting $2l + 1 = 7$ gives $2l = 6$, so $l = 3$. This corresponds to an 'f' subshell.
Step 4: Conclusion
For $l=3$ to exist, the principal quantum number $n$ must be at least $l+1 = 4$. Thus, the values are $n=4, l=3$.
Final Answer: (A)