x can be any one of 1, 2, 3 or 4.
y can be any one of 1, 4, 9 or 16
Total number of cases of product of x and y = 16
Product less than 16 = (1×1, 1×4, 1×9, 2×1, 2×4, 3×1, 3×4, 4×1)
Number of cases, where product is less than 16 = 8
Required probability = 8/16 or 1/2