Solution
Given letters VLEI
We can write down all the permutations of these letters and then count the number of meaningful words
These permutations are: VLEI VLIE VEIL VELI VIEL VILE ILEV ILVE IVLE IVEL IELV IEVL LIVE LIEV LEIV LEVI LVIE LVEI ELIV ELVI EVIL EVLI EILV EIVL
Now the meaningful words are VEIL, VILE, LIVE, EVIL
So there are 4 words which can be formed, hence the correct option is: Optin 5