Correct option is B. 0.4 J
Soppose the elongation in first string be $$x_1$$ and in the second string be $$x_2$$
Now for second string, in equilibrium
$$K_2x_2=m_2g$$
or $$x_2= m_2g/k_2$$ (1)
For first string in equilibrium
$$K_1x_1=(m_1+m_2)g$$
or $$x_1= (m_2+m_1)g/k_1$$ (2)
Now potential energy stored will be
$$U=\frac{K_1x_1^2}{2}$$ + $$\frac{K_2x_2^2}{2}$$
Putting the values of $$k_1$$,$$k_2$$,$$x_1$$ and $$x_2$$
We get U= 0.4J