Explanation:

Letters of the word PREMONITION are coded as follows:

Letters :  P    R    E    M    O    N    I    T    I    O    N

Code:        6    8    5    3    0    4    9    2    9    0    4

See the code below Is and Ns. Codes for I and N are 9 and 4 respectively.

This indicates that the digits below each letters represent its code.

Therefore, code for the word MONITOR is 3049208

Hence, option 2 is the correct answer.