The correct option is A Raghunatha Rao
Narayana Rao become the Maratha Peshwa after Madhava Rao. Narayan Rao was the third son of Peshwa Balaji Baji Rao and his wife Gopikabai. Narayan Rao's eldest brother Vishwas Rao , heir to the title of Peshwa was killed during the Third Battle of Panipat and then after the death of second brother Madhavrao , succeeded by Narayan Rao .