Which correctly explains how to use place value and the distributive property to find the product of 548 and 5?

Write 548 as 500 + 40 + 8. Multiply each addend by 5. Then add the three products to get 2,740.
Write 548 as 500 + 80 + 4. Multiply each addend by 5. Then add the three products to get 2,920.
Write 548 as 800 + 40 + 5. Multiply each addend by 5. Then add the three products to get 4,225.
Write 548 as 800 + 50 + 4. Multiply each addend by 5. Then add the three products to get 4,270.