The product formed in the following chemical reaction is :

The correct option is Option 4.

Explanation:
Let us analyze the reaction step-by-step:

1. Reactant Functional Groups:
The starting molecule shown in the reaction contains two carbonyl-containing functional groups:

• A cyclic ketone group (C=O) on the cyclohexane ring.
• An ester group (—CH₂—CO—OCH₃) as a substituent on the ring.

2. Reagent Selectivity:
The reaction uses sodium borohydride:
${\mathrm{NaBH}}_4$
in ethanol:
$C_2{H}_5\mathrm{OH}$
as the reducing agent. Sodium borohydride is a selective reducing agent that readily reduces aldehydes and ketones to primary and secondary alcohols, respectively. However, it is not reactive enough to reduce esters under standard reaction conditions.

3. Reaction Mechanism and Product Formation:
- The ketone carbonyl on the cyclohexane ring is reduced to a secondary alcohol group (—OH).
- The ester group (—CH₂—CO—OCH₃) remains completely intact and unaffected.

This selective reduction yields the product shown in Option 4 (visible in the final image), where only the ring's ketone carbonyl has been converted to a hydroxyl (—OH) group.