Evaluate the Michaelis constant for the following lipase catalyzed transesterification reaction for the production of biodiesel.
$${\text{Vegetale oil}} + {\text{Lipase}} + \mathop \rightleftharpoons \limits_{{{\text{k}}1}}^{{{\text{k}}{ - 1}}} {\text{ Oil-lipase complex }}\mathop \to \limits^{{{\text{k}}_1}} {\text{Biodiesel}} + {\text{Glycerol}}$$
where k₁ = 3 × 10⁸ M⁻¹ s⁻¹; k₋₁ = 4 × 10⁴ s⁻¹ and k₂ = 2 × 10³ s⁻¹

A. 4.2 × 10^-3 M

B. 14.0 × 10^-4 M

C. 6.4 × 10^-6 M

D. .4 × 10^-4 M

Answer: Option D