Correct Answer: 453

Solution : Given:
7 # 3 # 2 = 237 and 8 # 4 # 1 = 148

Like, 7 # 3 # 2 = 237→The numbers 7 and 2 exchange their positions. Specifically, the number 7 moves from the first position to the third position, while the number 2 moves from the third position to the first position. The number 3 remains unchanged and stays in the second position.
And, 8 # 4 # 1 = 148→The numbers 8 and 1 exchange their positions. Specifically, the number 8 moves from the first position to the third position, while the number 1 moves from the third position to the first position. The number 4 remains unchanged and stays in the second position.
Similarly, for 3 # 5 # 4 = 453→The numbers 3 and 4 will exchange their positions. Specifically, the number 3 will move from the first position to the third position, while the number 4 will move from the third position to the first position. The number 5 remains unchanged and stays in the second position.

So, 453 is the required answer to the given equation. Hence, the third option is correct.