We know :
a) Speedup = Timenon pipelined / Timepipelined
= (CPInon pipelined * Cycle Timenon pipelined )/ (CPIpipelined * Cycle timepipelined)
b) Maximum speedup achievable = Number of stages in the pipeline(Also known as pipeline depth)
c) CPIideal pipeline = 1
So we find theoretical speedup = (CPInon pipelined * Cycle Timenon pipelined )/ (CPIpipelined * Cycle timepipelined)
= (1.6 * 15) / (1 * 3)
= 8
But this is exceeding the maximum speedup = Number of stages = 5 which is impractical.
Hence maximum achievable speedup = 5
Hence 1) should be correct option.