The major product formed in the following reaction is

Concept:

Acid-catalyzed acetal formation:

→ Formation of an acetal occurs when the hydroxyl group of a hemiacetal becomes protonated and is lost as water.

→ The carbocation that is produced is then rapidly attacked by a molecule of alcohol. Loss of the proton from the attached alcohol gives the acetal. 

Mechanism:

→ In this firstly protonation of benzaldehyde will take place.

Then, nucleophilic attack by alcohol. At last deprotonation by water takes place.

→ Molecules that have an alcohol and a carbonyl can undergo an intramolecular reaction to form a cyclic hemiacetal.

The mechanism is shown below in the figure:

1. Protonation of carbonyl group

2. Nucleophilic attack by alcohol

Conclusion:
The correct answer is option 3.