What is the right meaning of the sentence? No.1 or No.2?
No. 1 is the way I would interpret the sentence.
For image No. 2, I would say that picture describes this sentence:
By the way, this sentence:
could be depicted by either picture. (There may or may not be any time between when the three years of study began, and when the speaker made the utterance.)
The answer is both 1 and 2. Whatever any books may tell you, the difference between 1 and two is not captured by the choice of a perfect construction.
When I say "I have studied the book" I am choosing to imply that there is some present relevance to this event in the past. What that present relevance may be is left open.
Often, it will be that the event has finished very recently, as in no. 1 (though as others have said, if it continues right up to now, "I have been studying the book" is far more likely).
But in some contexts, the sentence is perfectly consistent with No 2, because the speaker for some reason want to bring the present relevance into the conversation. For example:
or, in answer to "You don't understand this book",
Both of these might mean the speaker has studied it recently, or it might be quite a while ago.
I don't dispute that in situation 2 the speaker is more likely to use the simple past; but they may choose the present perfect to describe exactly the same events for the reasons I've outlined.
There is no implication in the present perfect that you have finished anything, with the verb study (i.e. with durative verbs). Durative events which have been finished are expressed with the simple past.
The present perfect expresses the idea that the event has some bearing upon the speaker's present or some relevance to the speaker's present.
You could be only half-way through a degree and say:
I have studied biology for two years.
I have studied the book for two years. (you could be at page 345 and the book has 500 pages).
You have not finished your studies. Your studies could be ongoing. Rather, the meaning is that you are a person with two years of experience doing biological study. The relationship with your present state: you possess the experience of two years of biological studies. You are a person who read that book for a period of two years; you may still be reading it, or you might have thrown it in the trashcan; we don't know which.
If you decided to quit biology and take up mathematics instead, then your biological studies would be finished, and if you wished to express the idea that you quit biology, that is, the biology studies ended, you could say:
I studied biology for two years.
Even if you have quit, you could still say "I have studied biology for two years" if you wished to express the idea that you have two years of experience studying biology.
I have done something, means that I started in the past, and in the present, I am no longer doing it. It matters not if I stopped now or 10 years ago. Both pictures can be described by "I have studied the book for 3 years".
If the question does not allow such an answer, the question is incorrect.