Correct Answer - Option 3 : 3:05 pm
Given:
1. P has arrived at 3:30 pm, 40 min later than Q.
So, the time Q had arrived was = 3:30 pm - 40 min = 2:50 pm.
2. Q was present 15 minutes before the scheduled time of the meeting.
As Q had arrived at 2:50 pm, the scheduled time of the meeting will be = 2:50 pm + 15 min = 3:05 pm.
Therefore, the meeting was scheduled for 3:05 pm.
Hence, the correct answer is "3:05 pm".