Step 1: Concept
Total Moment of Inertia $I = I_1 + I_2$. Use Parallel Axis Theorem: $I = I_c + Mh^2$.
Step 2: Meaning
Axis passes through center of sphere 1, so $I_1 = \frac{2}{5}MR^2$. For sphere 2, the center is at distance $d = R + 4R + R = 6R$ from the axis? Wait, length of rod is $4R$, so distance between centers is $h = 4R$? If centers are $4R$ apart: $I_2 = \frac{2}{5}MR^2 + M(4R)^2$.
Step 3: Analysis
$I = \frac{2}{5}MR^2 + \frac{2}{5}MR^2 + 16MR^2 = \frac{4}{5}MR^2 + \frac{80}{5}MR^2 = \frac{84}{5}MR^2$.
Step 4: Conclusion
The moment of inertia is $\frac{84}{5}MR^2$.
Final Answer: (B)