Correct Answer: CJI

Solution : Given:
BOULDER is coded as ZMSJBCP.

Subtract 2 from the place values of each letter of BOULDER to get the code –
B – 2 = Z; O – 2 = M; U – 2 = S; L – 2 = J; D – 2 = B; E – 2 = C; R – 2 = P
Thus, BOULDER is coded as ZMSJBCP.
Similarly, follow the same pattern for ELK –
E – 2 = C; L – 2 = J; K – 2 = I

Thus, ELK is coded as CJI. Hence, the third option is correct.