Correct Answer - Option 2 : CQPVTDS
The letters in the word PICTURE are moved alternately, one step forward and one step backward to obtain the letters of the code. Thus, we have
P + 1 = Q
I – 1 = H
C + 1 = D
T – 1 = S
U + 1 = V
R – 1 = Q
E + 1 = F
So, by following the above pattern we will get:
B + 1 = C
R – 1 = Q
O + 1 = P
W – 1 = V
S + 1 = T
E – 1 = D
R + 1 = S
Hence, "CQPVTDS" is the right answer.