Answer:
The answer to your question would be that the sentence that is punctuated correctly is the following one: James wished for two things: that he would earn the respect of his peers and that he would make his family proud. That is, your answer would be D.
Explanation:
The sentence above is an example of the correct use of the colon. A colon means "that is to say" or "here's what I mean". In this case, the clause after the colon specifies the two things wished by James (earning the respect of his peers and making his family proud).
