The correct answer is:
The IQR is 2.75. This means that 2.75 hours is the range of the number of hours spent on the project for the middle 50% of the students.
This means that the middle 50% of students spent between 1.5 hours and 4.25 hours on the project, as the IQR is the difference between the 75th percentile and the 25th percentile in a dataset.