Final answer:
The parallel line of latitude that is a quarter of the way from the equator to the North Pole is known as the Tropic of Cancer, which is located at approximately 23.5 degrees north latitude.
Step-by-step explanation:
The parallel line of latitude that lies a quarter of the way from the equator to the North Pole is known as the Tropic of Cancer. This is the correct answer to the student's multiple-choice question. The Tropic of Cancer is located at approximately 23.5 degrees north of the equator, marking the most northerly circle of latitude on Earth at which the sun can be directly overhead. This occurs during the Northern Hemisphere's summer solstice, typically around June 21st. The Earth's tilt of 23.5 degrees plays a crucial role in creating the seasons and the positioning of the latitude lines such as the Tropic of Cancer and the Arctic Circle.
The Prime Meridian, mentioned in the question, is actually a line of longitude that stands at 0 degrees, running through the Royal Observatory in Greenwich, England. It is not a line of latitude and therefore has no relevance to the question regarding a parallel of latitude. The Antarctic Circle and the Tropic of Capricorn are also lines of latitude, but they occur in the Southern Hemisphere and do not answer the student's query which pertains to the Northern Hemisphere.