Well guys, I think GMAT is about choosing the right answer, not spending time in finding algebric solutions.
How I did it......
We know that for a given perimeter, the square is the geometric form that maximize the area. So the ratio between a rectangle and square with the same perimeter must be less than 1. Eliminate 1), which is greater.
Then by picking numbers, for instance 2 and 3 for the sides of the rectangle one will find that the ratio must be very close to 1 (0,9....).
The only choice so close to 1 is 24/25.
I took me 1,5min.
IMO is a 600 level question.