The water-image of the given combination.

The correct answer is Option (1) → 

In a water image every character is turned upside down (its top and bottom change places), while its left and right sides and the order of the characters stay the same. So the M becomes a W-like shape and the W an M-like shape, and only a character that is symmetrical about a horizontal line through its middle, here the 3, keeps its shape. Below, the combination is shown above the dashed water line and its water image below it; the character that keeps its shape is green and those that change are red.

Tip: The characters that look the same in water are those with top-bottom symmetry: B, C, D, E, H, I, K, O, X and the digits 0, 3 and 8.