The intrinsic impedance of free space is a fundamental property of electromagnetic waves. It is denoted by the symbol Z0 and has a value of approximately 377 ohms. This impedance is a ratio of the electric field to the magnetic field in an electromagnetic wave.

Understanding Intrinsic Impedance:
Intrinsic impedance is a characteristic of a medium that relates the ratio of the electric field strength to the magnetic field strength of an electromagnetic wave. It is defined as the square root of the ratio of the permeability of the medium to the permittivity of the medium, represented by the equation:

Z0 = sqrt(µ0/ε0)

Where Z0 is the intrinsic impedance, µ0 is the permeability of free space, and ε0 is the permittivity of free space.

Explaining the Correct Answer:
In the given options, the correct answer is option 'D', which states that the intrinsic impedance of free space is 377 ohms. This value is derived from the fundamental constants µ0 and ε0.

Explanation of Other Options:
- Option 'A' (272 ohms) and option 'B' (412 ohms) are incorrect values that do not correspond to the actual intrinsic impedance of free space.
- Option 'C' (740 ohms) is also an incorrect value.

Significance of Intrinsic Impedance:
The value of the intrinsic impedance of free space, 377 ohms, is significant as it serves as a reference for comparing and analyzing electromagnetic wave propagation in different mediums. It helps in understanding the relationship between electric and magnetic fields in the transmission and reception of electromagnetic waves.

Applications of Intrinsic Impedance:
The knowledge of intrinsic impedance is crucial in the design and analysis of various electrical and electronic systems, including transmission lines, antennas, and waveguides. It helps in determining the impedance mismatch, reflection coefficients, and power transmission characteristics of these systems.

In conclusion, the intrinsic impedance of free space is 377 ohms, and it is a fundamental property of electromagnetic waves. This value is derived from the permeability and permittivity of free space and is significant in understanding and analyzing the behavior of electromagnetic waves in different mediums.