The correct answer is C. 240 V.
The e.m.f. of a shunt generator is proportional to the speed of the generator. Therefore, if the speed increases from 1000 r.p.m. to 1200 r.p.m., the e.m.f. will increase by a factor of 1200/1000 = 1.2. The e.m.f. will therefore be 200 V x 1.2 = 240 V.
Option A is incorrect because it is too low. Option B is incorrect because it is too close to the original e.m.f. Option D is incorrect because it is too high.