Step 1: Closed Pipe:
A closed pipe has only odd harmonics: \(f=\dfrac{(2k+1)v}{4L_c}\). The first overtone is the 3rd harmonic, the second is the 5th and the third overtone is the 7th harmonic: \(f_c=\dfrac{7v}{4L_c}\).
Step 2: Open Pipe:
An open pipe has all harmonics: \(f=\dfrac{nv}{2L_0}\). The third overtone is the 4th harmonic: \(f_0=\dfrac{4v}{2L_0}=\dfrac{2v}{L_0}\).
Step 3: Equate:
\[ \frac{7v}{4L_c}=\frac{2v}{L_0}\Rightarrow\frac{L_c}{L_0}=\frac{7}{8} \]
Step 4: Check the Other Options:
\(8:7\) is the inverse. \(5:3\) and \(3:2\) would come from using the wrong harmonic numbers, such as 5th for the closed pipe and 3rd for the open pipe. So (B) is correct.
Final Answer:
The ratio is \(7:8\), option (B).
\[ \boxed{\text{(B) } 7:8} \]