Option 1 is the right answer: educated. The sentence is talking about the ability to 'take important decisions' which an 'educated' is well equipped to do. Let us look into the meaning of the given words:
Educated : having had a good education.
Illiterate : unable to read or write.
Wise : having experience, knowledge
Learned : having acquired much knowledge through study.
Complete sentence: An educated person is well equipped to take important decisions.